Semantic Markup for Foreign Language Terms?

If you use a foreign-language term (e.g., when you want to say “for example,” you’re technically supposed to write e.g. in italics because it’s Latin – exempli gratia), what should your markup be?

Should you use:

<i lang="latin">e.g.</i>

… or …

<span style="font-style: italic" lang="latin">e.g.</span>

… or something else?

Even here, typing this into the textbox, the only tag that is available to me is <em>, but that’s semantically misleading – it’s not emphasis… I’m not sure what it is, though…