Jan 16, 2012

New Sanctions on Iran

David DolanBy David Dolan

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The leaders of the 27 countries that belong to the European Union have decided to ban all crude oil imports from the Shiite Muslim country of Iran. However, there is disagreement as to exactly when the ban should take effect. Although EU countries get most of their petroleum supplies from either North Africa, Nigeria or various Arab countries, along with imports from Russia, some have been purchasing significant amounts of Iranian crude over the past few decades. In fact, only China purchases more Iranian oil than the combined European Union countries.

Iran Central BankThe new EU sanctions follow a decision earlier this month by the Obama administration to sever all contacts between American financial institutions and Iran’s Central Bank. At the time, the State Department urged its European partners and all other countries to follow suit. The sanctions are designed to force the extremist Iranian clerical regime to halt its nuclear weapons development program, which the US says may lead to the production of nuclear weapons within one year’s time. Economic analysts say the sanctions are biting, with the Iranian currency growing ever weaker against the American dollar.

Related Links

Iran closer to bomb than world realizes? Warning: 1-year prediction may be too optimistic • Klein Online (Aaron Klein)
France Said to Seek Faster Execution of EU’s Iran Oil Embargo • BusinessWeek
Lieberman: More Sanctions Needed on Iran • Arutz Sheva
Iran bans foreign currency trading on the street • YnetNews
Oil prices gain after Iran warning • Reuters