Europe takes bold step toward a ban on Iranian oil

Discussion in 'West Asia & Africa' started by SpArK, Jan 5, 2012.

  1. SpArK

    SpArK SORCERER Senior Member

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    Europe takes bold step toward a ban on Iranian oil





    The European Union agreed in principle to enact an embargo on all purchases of Iranian oil, significantly increasing the West's financial war on Tehran at a time of heightened tensions in the Persian Gulf.


    The decision followed U.S. measures against Iran's central bank, and the value of the Iranian rial plunged in recent days—forcing Tehran's central bank to consider measures to support the currency—in what U.S. and European officials said was proof that the West's financial campaign was succeeding in draining Tehran's coffers.


    Iranian defense officials have intensified threats this week to retaliate against sanctions efforts by targeting Western ships operating in the Strait of Hormuz, a major route for oil shipments. Iran's parliament introduced a bill on Wednesday that would require all foreign ships to gain Tehran's permission to enter the strategic waterway.


    U.S. and European officials said they were undeterred by Tehran's threats. The White House, moving to address tensions with Iran, convened a meeting that included Defense Secretary Leon Panetta, as well as Gen. James Mattis, the head of the U.S. Central Command, and Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff.


    The administration is increasing preparations to protect the flow of commercial traffic through the Persian Gulf while guarding against any military miscalculations that could lead to a direct conflict with Iran, U.S. officials said.


    "We believe that the United States needs to continue to play the global role that we have played for a long time in terms of ensuring and promoting freedom of navigation in international waters, and our policy will continue to reflect that," State Department spokeswoman Victoria Nuland said. "We consider [the Persian Gulf] international territory."


    The EU agreement to enact an embargo on Tehran's oil sales followed years of deliberations in Washington and Brussels about the merits of taking the step. Diplomats said differences in Europe remained over details of the plan, including when it would






    Europe takes bold step toward a ban on Iranian oil
     
    Nagraj likes this.
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  3. HeinzGud

    HeinzGud Senior Member Senior Member

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    The board is set and the pieces are moving!
     
  4. pmaitra

    pmaitra Moderator Moderator

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    I wonder whether Russia will abruptly cut off gas supplies to Europe.

    I guess not, at least with Germany and Italy.
     
  5. asianobserve

    asianobserve Elite Member Elite Member

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    It would be an economic suicide for Russia. Russia, whose economy is solely dependent on oil/gas exports primarily to Europe, needs the EU more than the other way around.
     
  6. sarfarosh

    sarfarosh Tihar Jail Banned

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    One more war, and US would definitely become bankcrupt, I personally think, US should just mind its own business, atleast till it economically recovers...
     
  7. nitesh

    nitesh Mob Control Manager Stars and Ambassadors

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    This is like cutting Iran's life line, I hope EU and US has taken actions to prevent the drop in supplies of oil. I guess we will see, Saudis and others increasing their output. It will be really interesting to see Russia's moves.
     
  8. The Messiah

    The Messiah Bow Before Me! Elite Member

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    Does this mean we can pay lower price per litre ?
     
  9. Yusuf

    Yusuf GUARDIAN Administrator

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    hat? Has Russia agreed to dig in more and sell more to Europe?

    Whey the hell cant the west find ways to make up with Iran? I mean use India as an intermediary. I am sure we can get Iran around. It will help the war on terror in Pak.
     
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  10. KS

    KS Bye bye DFI Veteran Member

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    Time to strike a hard bargain with Iran and take some rupees off the petrol price.

    Dammit baniyas...do something.
     
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  11. SpArK

    SpArK SORCERER Senior Member

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    Expect prices of cooking oil going up... nothing from baniyas ... :taunt1:
     
  12. Yusuf

    Yusuf GUARDIAN Administrator

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    Baniyas?? Lol Baniyas wont do anything. If they strike a bargain, they will keep the extra discount for themselves.
     
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  13. The Messiah

    The Messiah Bow Before Me! Elite Member

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    lol you are right.
     
  14. Zebra

    Zebra Senior Member Senior Member

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    [h=1]Iran jails former President Rafsanjani's daughter[/h]3 January 2012 Last updated at 11:07 GMT

    The daughter of the former Iranian President Akbar Hashemi Rafsanjani has been sentenced to six months in prison for "making propaganda against the ruling system".

    BBC News - Iran jails former President Rafsanjani's daughter
     
  15. Nagraj

    Nagraj Regular Member

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    Its more of my dk is bigger then your;s syndrom.....
    Frankly i don;t see any solution.
    personally when i meet iranians in india they turn out to be far more liberal dunno how have they handed out power to such fundamentalists
     
  16. asianobserve

    asianobserve Elite Member Elite Member

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    Granting the West wants to talk, which they declared many times, do you think Iran is prepared to bargain its dream for nuclear weapons? Personally I believe it will not primarily because Israel has some (and its unlikely to give them up in exchange for Iranian cessation of nuclear weapons development)? And since it's clear that Iran will not give up its desire to acquire the weapon do you think there's any point in India playing the hopeless role of a facilitator (mission impossible)?

    As long as China and Russia are pledging support for Iran, the latter will not compromise on the crucial nuclear issue.
     
  17. asianobserve

    asianobserve Elite Member Elite Member

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    Ironically (or cynically?), despite Russia's pro-Iran posturing, it (together with other OPEC countries) is bound to reap a windfall from a flare up in the ME as oil prices is bound to shoot up.

    It might be that Russia is calculating that by overtly supporting Iran it will encourage Iran to go beyond the brink and start creating a mess in its neighborhood affecting the oil production of the region. And when that region is all reduced to a smoking hulk it will pick up the international demand for expensive oil. Then with SA, Iran, Iraq, temporarily shut out of the international market Russia can not only dictate the price of oil but more importantly it can now demand US, EU, Japan and China to go down to their knees and beg for her oil (and be under her control much like SA to US) .. Cynical? I think this is a nice conspiracy theory...
     
    Last edited: Jan 5, 2012
  18. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Just watch and stare as the Chinese say. Iranian economy is falling apart and these latest sanctions haven't even hit. Inflation is soaring, currency is crashing, people are rushing the banks and Mullah revenues are drying up. Even China has cut oil orders by half.
     
  19. Blackwater

    Blackwater Veteran Member Veteran Member

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    Bold step my foot. Already we are paying so much for fuel after this we will be f.u.c.k.e.d up in Europe.
     
  20. asianobserve

    asianobserve Elite Member Elite Member

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  21. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Iran will take a hit. But EU consumers will suffer as well.

    Now it matters what move Russia/China will make commercially as well as politically.
     

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