Why Sanctions Won’t Work

An the price of oil at $90/barrel.
clipped from www.washingtonpost.com
China, a permanent member of the Security Council that can veto any U.N. resolution, is expected to overtake Germany as Iran’s biggest trading partner this year. Germany and other European countries had consistently been Iran’s largest trading partners for more than a decade, according to the Iran Investment Monthly.

The U.S. Treasury said that more than 40 banks, mostly in Europe, have curbed business with Iran as a result of U.S. pressure, but smaller banks, Islamic financial institutions and Asian banks are likely to step in and replace the Western financial institutions through which Iran has long sold oil on the international market. Oil traders said that Iran does an increasing portion of its petroleum sales in euros and yen, instead of U.S. dollars, and often through third parties, to help its customers circumvent U.S. financial sanctions.
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Published in: on October 29, 2007 at 6:24 am  Leave a Comment  

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