Oil is a significant part of the trade, but I'm talking pretty much about non-oil trade. Clearly, putting sanctions on Iran could have an impact on the oil trade, but I don't think that is the major element in the sanctions. Iran is so dependent on its oil that it won't choose to stop exporting. The question is the extent to which the international community and Europe might decide to impose limitations on Iran's ability to export oil.
On June 11th, 2009. See this statement in context.