New York, December 2 (FinanceEnquiry.com) - The European Union is facing internal division when it comes to raising sanctions on Iran. While most members of the Union are agreeing to the sanctions on Iranian banks, transportation and the Revolutionary Guards, there is indecision on whether imports from Iran need to be stalled. Amongst the countries which have reservations, Greece tops the list.

The Greek economy is in a fragile phase and they want to ensure their economic well-being. Hence, they are skeptical of blocking oil imports from Iran. A lot of Iranian oil is shipped to Europe in Greek vessels. Banning the imports could mean trouble to many Greek based shipping companies. However, there is a larger concern that faces the world and most other European countries. The supply of oil to the world is being blocked as war tears apart the Muslim world. First there was unrest in Libya and production has not returned to normal levels. Then there are the current sanctions against Syria.

Adding Iran which is the second largest oil producer in the world could send prices spiraling. This will cause inflation and hit hard the European economies which are already bankrupt. EU is trying to get production increased in other countries before sanctions are laid upon Iran.