Failed Nuke Talks Mean Tough Iran Sanctions a Go EU's potentially crippling oil embargo to start July 1 By Matt Cantor, Newser User Posted Jun 20, 2012 10:48 AM CDT 36 comments Comments Chief Iranian nuclear negotiator Saeed Jalili. (AP Photo/Alexander Zemlianichenko) (Newser) – Little progress was made in the West's latest round of nuclear talks with Iran—and in the absence of a new agreement, new sanctions are due to take hold in less than two weeks. On June 28, the US will instate sanctions on companies working with Iran's central bank; days later, on July 1, the European Union will launch an embargo on Iranian oil, which could knock out a third of the country's revenue. Negotiators Catherine Ashton for the EU and Saeed Jalili for Iran have both suggested it's up to the other side to get the ball rolling again, though there are some secondary meetings scheduled for July 3. The lack of progress has far-reaching implications, the Wall Street Journal reports: Sanctions may be the last bastion against an Israeli attack on Iran's nuclear facilities, and the fresh penalties could prod Iran to once again threaten to retaliate. Meanwhile, the House Armed Services Committee is planning a hearing today regarding a potential military response to Iran's nuclear work, and Congress is likely to call for additional sanctions on the country.