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
Sep 19, 2019 Comments Off on Trump Vows to Slap New Sanctions on Iran
Sep 19, 2019 Comments Off on Saudi Arabia shows ‘material evidence’ of Iranian involvement in oil attacks
Sep 18, 2019 Comments Off on Iran imprisons bookshop owner for selling Bible as crackdown on Christianity continues
Sep 18, 2019 Comments Off on Iran charges three detained Australians with spying
Sep 12, 2019 Comments Off on Trump warns Iran on uranium enrichment, but open to lifting sanctions
Sep 10, 2019 Comments Off on Iran ‘Blue Girl’ Sahar Khodayari Dead: 5 Fast Facts You Need to Know
Aug 31, 2019 Comments Off on Israel asks UK to designate Iran’s Revolutionary Guards a terror organization
Aug 28, 2019 Comments Off on IDF names Iranian general as mastermind of thwarted drone attack plot
Sep 19, 2019 Comments Off on Trump Vows to Slap New Sanctions on IranTrump Vows to Slap New Sanctions on Iran Trump Vows to Slap New Sanctions on Iran The Trump administration plans new sanctions for Iran after the Saudi oil attack, Israel’s Prime Minister Benjamin Netanyahu faces...
Sep 19, 2019 Comments Off on Saudi Arabia shows ‘material evidence’ of Iranian involvement in oil attacksSaudi Arabia shows ‘material evidence’ of Iranian involvement in oil attacks Saudi Arabia shows ‘material evidence’ of Iranian involvement in oil attacks Saudi Arabia said it would show evidence...
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...