Islamic Republic of Iran Navy
It is charged with the responsibility of forming Iran's first line of defense in the Gulf of Oman and beyond with the mission of acting as an effective blue-water navy. However, it is generally considered as a conventional green-water navy as it mostly operates at a regional level, in the Persian Gulf and Gulf of Oman but also as far afield as the Red Sea, the Mediterranean Sea and northwest quarter of the Indian Ocean. In July 2016, the Navy said that it would establish a presence in the Atlantic Ocean, of unspecified duration.
Iran–European Union relations
On 23 January 2012, the Council of the European Union released a report in which it restated its concerns about the growth and nature of Iran's nuclear programme. As a result, the Council announced that it would levy an embargo on Iranian oil exports. Further, it stated that it would also freeze assets held by the Central Bank of Iran and forestall the trading of precious metals and petrochemicals to and from the country. This replaces and updates the previous Council Regulation 423/2007 that was published on 27 July 2010. The new sanctions put restrictions on foreign trade, financial services, energy sectors and technologies and includes a ban on the provision of insurance and reinsurance by EU insurers to the State of Iran and Iranian owned companies.
Iran has since declared its intentions to close the Strait of Hormuz should the embargo be enacted. At the time, the European Union accounted for 20% of Iran's oil exports, with the majority of the remaining being exported to Asian countries such as China, Japan, India, and South Korea. 
Current oil contracts will be allowed to run until July 2012.