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Army chief Ataollah Salehi said the United States had moved an aircraft carrier out of the Gulf because of Iran's naval exercises, and Iran would take action if the ship returned."Iran will not repeat its warning ... the enemy's carrier has been moved to the Sea of Oman because of our drill. I recommend and emphasise to the American carrier not to return to the Persian Gulf....we are not in the habit of warning more than once," he said.

After years of measures that had little impact, the new sanctions are the first that could have a serious effect on Iran's oil trade, which is 60 percent of its economy.Sanctions signed into law by U.S. President Barack Obama on New Year's Eve would cut financial institutions that work with Iran's central bank off from the U.S. financial system, blocking the main path for Iran to receive payments for its crude.

The EU is expected to impose new sanctions by the end of this month, possibly including a ban on oil imports and a freeze of central bank assets.

Diplomats say the embargo could take several months to start because some EU capitals want a delay to reduce any shocks to their already sluggish economies.EU countries have proposed "grace periods" on existing contracts of between one month and 12 months to allow them to find alternative suppliers before implementing an embargo.Greece, which depends heavily on Iranian crude, is pushing for the longest delay, the diplomats said. Britain, France, the Netherlands and Germany wanted a maximum grace period of three months.

Iran is the second largest producer of oil, after Saudi Arabia, among the 12 countries in OPEC, producing around 3.5 million barrels per day.EU countries buy nearly 600,000 barrels per day (bpd) of Iran's 2.6 million bpd in exports, making the bloc collectively the largest market for Iranian crude, rivalling China.The three biggest EU importers have serious debt problems. Greece imports a quarter of its oil from Iran, Italy about 13 percent and Spain nearly 10 percent.

Saudi Arabia on Monday played down suggestions it could encourage China not to block sanctions against Iran over its nuclear programme by giving Beijing oil supply guarantees.

Saudi Arabia on Monday played down suggestions it could encourage China not to block sanctions against Iran over its nuclear programme by giving Beijing oil supply guarantees.

"Sanctions are a long-term solution (but) ... we see the issue in the shorter term because we are closer to the threat," Prince Saud said.    "If we want security for the region, it requires an Iran at peace and happy with themselves," he added.

Ali Motahari, a prominent conservative MP who has previously threatened to impeach Ahmadinejad, spoke out against the involvement of the revolutionary guards in Iran's politics."The integration of the guard, as a military force, in political and economic power is not in the interests of the system," Motahari told the parliament. "In neighboring countries, military officials are distancing themselves from politics and power, while it's the opposite in Iran."

The appointment of Ghasemi as Iran's oil minister automatically makes him the head of Opec which has a crucial role in determining oil prices.As its second-largest crude oil exporter, Iran took the presidency of Opec after 36 years last October and Ghasemi's position will give the revolutionary guards a unique opportunity to influence an international organisation.

Henrique Capriles, who has gained ground in recent polls, said he would halt arms purchases from Russia, rethink relations with Iran and revise deals to exploit one of the world's biggest recoverable oil resources in the Orinoco belt.

Capriles said he would end the Chávez policy of promoting worldwide revolution and focus on Venezuela's needs."The foreign policy of this government is driven by politics – to extend a revolution worldwide. My objective with regards to foreign relations is to benefit all Venezuelans," he said.

"We have spent more than $14bn (£8.66bn) on arms purchases from Russia," Capriles said. "I am not going to buy more weapons. I think the policy has been mistaken."

For energy-poor western Europe, Georgia is a vital conduit for Caspian basin oil and gas exports that are not, for now at least, under Moscow's manipulative control. Vladimir Putin's Kremlin views Georgia very much as part of its backyard, a "near abroad" property (though the phrase is not much used these days) that should conform to Russian interests. Europe believes it belongs inside its post-Soviet, liberal pro-market "eastern neighbourhood".

The idea Georgia might one day join Nato – it already contributes through the Partnership for Peace scheme – and the EU is anathema to Russian nationalists. It is not coincidental that since 2008, when Putin sent his tanks deep into Georgian territory in support of independence for the breakaway satraps of South Ossetia and Abkhazia, Russia has effectively controlled about one-fifth of Georgia's total land mass.

The problem for both sides of this strategic equation is that Georgia's leaders – they might better be termed overlords – tend not to do what they are told, even by putative friends. Saakashvili's authoritarian, sometimes confrontational style, pockmarked by serial rights abuses including a recent prison torture scandal, has embarrassed his Brussels backers. The west wants a stable Georgian government, not one engaged in a personalised, potentially dangerous feud with the Putin regime.Yet the man behind the Georgian Dream opposition, billionaire Bidzina Ivanishvili, could also prove an awkward customer, should he be confirmed as prime minister. Ivanishvili made his money, lots and lots of it, during Russia's corrupt oligarch era. He still reportedly holds a chunk of Gazprom shares. Saakashvili predictably labelled him a Kremlin stooge, a charge he denies.

Iran test-fired its surface-to-surface Shahab-3 missile during 2009 exercises. It is thought to be capable of striking Israel and U.S. bases in the Middle East.Washington has expressed concern about Tehran's missiles, which include the Shahab-3 strategic intermediate range ballistic missile with a range of up to 1,000 km (625 miles), the Ghadr-1 with an estimated 1,600 km range and a Shahab-3 variant known as Sajjil-2 with a range of up to 2,400 km

The Strait of Hormuz, a crucial route for 40 percent of the world's oil shipment, is in Iran and Oman's territorial waters. However, under international maritime law it is considered as open to international navigation and shutting it down would we seen as an act of war.

At its narrowest point, it is 21 miles (34 km) across.

The March 2011 incident is considered a turning point for the Aquino administration. The president hardened his stance on sovereignty rights, sought closer ties with Washington and has quickened efforts to modernise its military.

A year later, Forum Energy is planning to return. Top company executives told Reuters the company intends to sail to Reed Bank within months to drill the area's first well for oil and natural gas in decades, an event that could spark a military crisis for Aquino if China responds more aggressively.

The U.S. military has also signalled its return to the area, with war games scheduled in March with the Philippine navy near Reed Bank that China is bound to view as provocative."This will be a litmus test of where China stands on the South China Sea issue," said Ian Storey, a fellow at the Singapore Institute of Southeast Asian Studies. "They could adopt the same tactics as they did last year and harass the drilling vessels, or they might even take a stronger line against them and send in warships."

In a reference to Russia's ambitions in the Arctic, where Moscow plans to expand its claims, Putin said the navy would protect Moscow's interests in the icy North."Obviously, the navy is an instrument to protect national economic interests, including in such regions as Arctic where some of the world's richest biological resources, mineral resources are concentrated," he said.

Moscow has planned to submit a claim this year to redraw the map of the Arctic and give itself a bigger swath of the territory, which could hold huge deposits of oil, gas and mineral wealth.Russia, Norway, the United States, Canada and Denmark are at odds over how to divide up the Arctic seabed, thought to hold 90 billion barrels of oil and 30 percent of the world's untapped gas resources, according to the U.S. Geological Survey.