Iran has expressed interest in reopening talks on its nuclear program with major powers, but the United States and the European Union have denied this and are urging Tehran to demonstrate its readiness for engagement. The US and other countries believe Iran is working on developing atomic weapons, but Iran denies this accusation. The EU is considering imposing stricter sanctions on Iran, including an embargo on its oil exports and freezing the assets of Iran's central bank. Non-oil trade protection is still being discussed. In the current financial climate, it is important to manage your wealth effectively and make the most of your ISA while avoiding common mistakes. Iran has warned that it may block the Strait of Hormuz, through which a third of the world's seaborne oil trade passes, if it is unable to sell its own crude oil. This has raised concerns of a potential war in the Gulf region that could escalate tensions in the Middle East. Iranian officials have mentioned that U.S. President Barack Obama has shown willingness to engage in negotiations with Iran, which could help alleviate the recent increase in oil prices. Iranian Foreign Minister Ali Akbar Salehi stated during a visit to Turkey that discussions are ongoing regarding the location and timing of these negotiations, with Istanbul being a likely venue. The day is not yet settled, but it will be soon." Washington denied there were any new discussions underway about resuming talks, but declined to comment on whether Obama had sent a letter to Tehran. "There are no current talks about talks," State Department spokeswoman Victoria Nuland said on Wednesday. "What we are doing, as we have said, is making clear to the Iranians that if they are serious about coming back to a conversation, where they talk openly about their nuclear programme, and if they are prepared to come clean with the international community, that we are open to that," Nuland said at a media briefing. White House spokesman Jay Carney declined to comment on the reports about a letter, telling journalists: "We don't discuss specific ... diplomatic communications.". The United States is urging countries to decrease their purchases of Iranian oil in accordance with a new sanctions law signed by Obama on December 31, which aims to limit Tehran's ability to sell crude oil. The State Department's denial was supported by a spokesperson for EU foreign policy chief Catherine Ashton, on behalf of the six world powers attempting to engage with Iran. The spokesperson stated that there are currently no ongoing negotiations for new talks, and that they are still waiting for Iran to respond to the proposals put forth by Ashton in October. British Foreign Secretary William Hague emphasized the need for Iran to be prepared for serious negotiations. He emphasized the importance of actual negotiations in the European Union regarding additional sanctions on Iran, stating that the offer of negotiations from Iran will not dissuade them from imposing sanctions. He made these comments during a news conference in Brazil, emphasizing the need for meaningful negotiations. If such negotiations do not occur, he mentioned that pressure for peaceful but legitimate measures will persist, alluding to the upcoming EU minister meeting to discuss an oil embargo on Iran. Tehran maintains that its nuclear enrichment activities are for peaceful purposes, such as power generation and medical applications. Defence Secretary Leon Panetta stated that the U.S. military is fully prepared to address any threats from Iran regarding the closure of the Strait of Hormuz. Ashton contacted Iranian negotiator Saeed Jalili to emphasize the West's desire to resume discussions, but Iran must be willing to engage in meaningful talks about ensuring the peaceful nature of its nuclear activities. Iran has consistently pushed for talks to focus on broader international security issues rather than its nuclear program in sporadic meetings over the past five years. The last negotiations between Iran and the permanent members of the U.N. Security Council, along with Germany, stalled in Istanbul a year ago due to inability to agree on an agenda. A U.N. nuclear watchdog report has since raised concerns about Iran's nuclear weapon design efforts, creating a prolonged deadlock. EU foreign ministers are expected to approve a gradual ban on imports of Iranian oil at a meeting on January 23. This decision comes after the United States passed a law that would prohibit any institution from dealing with Iran's central bank, effectively preventing most countries from purchasing Iranian oil. An EU diplomat stated that progress has been made regarding the central bank issue, with wide agreement on the principle but ongoing discussions on the details. Iran has expressed willingness to negotiate, but has also begun moving uranium enrichment to a more secure location to protect it from potential air strikes by Israel if diplomatic efforts to address their nuclear program fail. Western diplomats are saying that Tehran must be willing to change its direction in any future negotiations. Tehran insists that other countries must respect its right to enrich uranium as it can be used for nuclear weapons if enriched to higher levels. Russia, a member of the six power group, has criticized new EU and U.S. sanctions and warned against the military option proposed by the United States and Israel, fearing it could lead to a widespread war in the Middle East. Israeli Prime Minister Benjamin Netanyahu reiterated his belief that Iran should not be allowed to develop nuclear weapons during a visit to the Netherlands. Earlier in the day, Defence Minister Ehud Barak stated that any decision about an Israeli attack on Iran was still a long way off. THREATS, FRIENDSHIP China, which shares Russia's opposition to the new Western efforts to halt Iran's oil exports, criticized U.S. sanctions signed by Obama on December 31 as lacking legal justification. Iranian officials claimed Obama had communicated with Supreme Leader Ayatollah Ali Khamenei in response to Tehran's threat to close the Strait of Hormuz amid sanctions on oil sales. Iranian parliament members discussed the communication on Wednesday, stating that it included a proposal for talks. Lawmaker Ali Mottahari was quoted by the semi-official Fars news agency as saying, "In the letter, it was stated that closing the Strait of Hormuz is our 'red line' and also requested direct negotiations."