Waivers were granted to eight major customers of Iran that will allow them to continue importing oil as long as they are phasing them out, reassuring the oil traders that the world won’t end for at least a few more months. And while many allied governments have said they won’t accommodate U.S. sanctions, oil companies under their jurisdictions have indicated they will do not wish to risk legal problems and so will simply avoid doing business with Iran.
Earlier sanctions against Iran were relatively effective, with production declining by about 1 mb/d, but implied exports remained at roughly 1.5 mb/d. This was despite the participation of most of the major governments in the world, and highlights the limits of sanctions that are not enforced by military means. (As sanctions against Saddam Hussein’s Iraq were.)
Unilateral sanctions have a long, largely dismal history. U.S. sanctions against Cuba were primarily successful in that they gave the regime way to rationalize their dismal economic performance which resulted from their socialist economics, thereby prolonging the country’s pain. Sanctions by some oil exporters against Israel have had a fairly minor effect, showing that even a combined effort by major suppliers can be ineffective.
Of course, embargoes have sometimes resulted in military conflict, whether intentionally or not. Athens’ embargo of Megara in 432 B.C. was a primary reason for the outbreak of the Peloponnesian War and the U.S.-U.K. oil embargo against Japan in 1941 led that nation to initiate warfare with the attack on Pearl Harbor.
Raed more: Forbes
Iran Briefing | News Press Focus on Human Rights Violation by IRGC, Iran Human Rights
Apr 21, 2019 Comments Off on Iran’s Ministry Of Intelligence Arrests Dozens Of Volunteer Relief Workers
Apr 16, 2019 Comments Off on Iraq struggles to distance itself from US-Iran tensions
Apr 16, 2019 Comments Off on Why Trump and Netanyahu are right on Iran
Apr 16, 2019 Comments Off on Europe should call Iran’s Quds Force what it is – a terrorist organisation ǀ View
Apr 17, 2019 Comments Off on Iran’s trailblazing female boxer dominated her match. Now she fears arrest if she returns home.
Apr 17, 2019 Comments Off on Iran Guard’s Former General Says They Were In Bosnia Disguised As Aid Workers
Apr 16, 2019 Comments Off on Instagram accounts of Iran’s Khamenei, IRGC’s Soleimani get suspended
Apr 15, 2019 Comments Off on IRANIAN WOMEN SENTENCED TO JAIL FOR REFUSING TO WEAR HIJAB
Apr 16, 2019 Comments Off on Europe should call Iran’s Quds Force what it is – a terrorist organisation ǀ ViewEurope should call Iran’s Quds Force what it is – a terrorist organisation Europe should call Iran’s Quds Force what it is – a terrorist organisation ǀ View Last week, the US announced that it will...
Mar 27, 2019 Comments Off on U.S. sanctions firms accused of helping fund Iran’s Revolutionary GuardsU.S. sanctions firms accused of helping fund Iran’s Revolutionary Guards U.S. sanctions firms accused of helping fund Iran’s Revolutionary Guards The United States on Tuesday imposed fresh sanctions on a network of companies and people in Iran, Turkey and the United Arab Emirates it...