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Vice President Biden said today that Iran is risking a nuclear arms race in the Middle East and the U.S. will seek to deter Iranian aggression with a European-based missile shield.

"In the face of the threat that Iran poses, we are committed to the security of
our allies," Biden said in a speech today to the European Parliament in Brussels.

Biden said the U.S. and allies would pursue new sanctions on Iran if it continues to violate its obligations under the Nuclear Non-Proliferation Treaty.

"Wouldn't it be ironic, as the Iron Curtain fell and the threats of mutual assured destruction diminished among the superpowers, (if) a new arms race would emerge in some of the most unstable parts of the world?" Biden asked.

IranianPresident Mahmoud Ahmadinejad, who has denied any intent to develop nuclear weapons, said this week that sanctions will not deter his country.

"The Iranian nation is able to withstand the pressure of the United States and its allies," Ahmadinejad said at a New York news conference. "While we do not welcome sanctions, we do not fear them either."

In his European Parliament speech, Biden also addressed the Afghanistan war and counter-terrorism.