European Union Foreign Ministers are likely to adopt next monday new tighter sanctions against Iran over its disputed nuclear program, including measures to ban investment in the oil and gas industry.
The new EU steps are also expected to target trade, banking and insurance, as well as transportation including shipping and air cargo.
Despite opposition and concern from Cyprus, Spain, Sweden, Malta and Austria, the new sanctions, go beyond the fourth round of measures adopted by the United Nations Security Council on June 9.
The European Union is likely to reiterate its call for a diplomatic solution to the standoff as part of its "two-track strategy" to try to deal with Tehran’s nuclear program.
A draft text of the EU statement which circulates this week in Brussels urges Iran to "seize" the "opportunity to allay the concerns of the international community about its nuclear program."
It calls on Tehran to agree on a date for talks with EU High Representative Catherine Ashton and the six countries involved in nuclear negotiations. The six countries are the U.S., Britain, France, Russia, China and Germany.
The EU declaration must still be endorsed by EU ambassadors meeting in Brussels this Thursday, but major changes are unlikely.
Last month, EU leaders agreed to go ahead with the tougher measures as part of a "two-track strategy" to deal with Iran's nuclear program with Ashton making it clear she is ready for talks with Iran’s chief negotiator, Saeed Jalili.
British Foreign Minister William Hague urged the EU to give "a strong lead" on the Iran nuclear issue by "taking accompanying and additional measures."
His German counterpart Guido Westerwelle said: "Some (European) companies ask what does that mean for their business, but what would nuclear bombs in the hands of Iran cost us. We have to contribute our own European measures in addition to the Security Council sanctions to press Iran back to the negotiation table."
In Tehran on Tuesday, Iran's parliament passed a bill authorizing retaliatory measures against countries that inspect cargo on Iranian ships and aircraft.