European media outlets revealed Sunday that France, Germany and the United Kingdom are considering imposing new EU sanctions against Iran. U.S. Treasury Secretary Timothy Geithner on Monday reportedly presented evidence to Congress that the National Iranian Oil Co. is "an agent or affiliate" of Iran's Islamic Revolutionary Guard Corps, an institution that is already subject to international sanctions. These reports indicate an attempt by the European Union and the United States to bring Iran back to the negotiating table over its nuclear program. The reports take place at a time when none of the three players appears willing to escalate the conflict.

The EU's Foreign Affairs Council will discuss the proposed measures on Oct. 15. The sanctions are expected to include further impositions against Iranian banks, individuals and trade. They would be added to the sanctions Brussels applied to Tehran earlier this year, including a ban on new contracts for importing petroleum from Iran, a measure prohibiting insurance companies from covering Iranian crude shipments, and the freezing of Europe-held assets of the Central Bank of Iran.

The Europeans' intent is twofold. The first goal is to strangle the Iranian economy and pressure Tehran into resuming negotiations over its nuclear program. The Europeans also want to find a political solution to the conflict with Iran in order to prevent a war that would throw the region off balance and possibly raise oil prices. The European Union is concentrating all its efforts on mitigating the effects of the eurozone crisis; Berlin, Paris and London are therefore not ready to deal with an escalation of the Iranian conflict.

Washington supports the Europeans' strategy. The United States consistently denounces Iran as a threat to Israel and other countries in the region and is wary of Iran's rise as a regional military and intelligence power; but Washington has serious concerns about military action. The United States fears that an American or Israeli strike would destabilize the region, and it does not believe the Iranian nuclear program is as advanced as the Israelis say it is. Moreover, the administration of U.S. President Barack Obama is unlikely to deepen the conflict with Iran just two months ahead of the presidential election.

The United States also seems interested in keeping pressure off its allies at a time of economic crisis. Washington announced Sept. 14 that the waiver it conceded in March to Japan and 10 EU countries, including France, Germany and the United Kingdom, would be extended for another six months. The waiver allows countries to import Iranian oil at reduced levels — which are negotiated with the United States — without suffering from sanctions that would exclude their banks from the U.S. financial market.

In June, countries such as Turkey, South Africa, South Korea, India and China received similar waivers. The arrangement is intended to hurt the Iranian economy without cutting the largest importers of Iranian oil off from vital supplies and without reducing the market's oil supply. While these countries are expected to increase imports from Iran in the coming months, their annual imports of Iranian crude are still expected to be considerably lower than they were in 2011.

Tehran is also interested in resuming negotiations. Although Tehran has found new ways to continue its exports of crude, the sanctions have hurt Iran's economy. EU measures have forced Iran to insure and use its own ships to get its oil to customers. Meanwhile, Tehran is also concerned about the shift in the regional balance of power that could occur were the regime of Syrian President Bashar al Assad to fall.

Iran is not currently in a position to fight on both these fronts and therefore needs to reduce tensions with the West, at least on the surface. In early September, Canada closed its embassy in Tehran, further isolating Iran from the West. Through diplomatic and economic isolation, the West has been trying to strengthen its negotiating position over Iran.

The European Union, the United States and Iran are interested in resuming negotiations. Beyond sanctions, there is little the United States and especially the European Union can do right now without resorting to military means. A satisfactory agreement is highly unlikely, but a new round of unproductive negotiations is a more convenient alternative for all players. It would show they are making an effort but would forestall the consideration of military conflict.