Russians have arm twisted EU consumers previously as well. It was a gas dispute I guess, going a year or two back. They had closed their supplies for many days.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.
I personally think that we should make a move to increase our imports of oil from Iran. That will have a two-pronged effect: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)?
China already has a lead here where it is the single largest importer of Iranian oil. Russia is already resource rich and imports don't really concern it much on fossil fuel. So they have already charted out their masterplan. It is we Indians who have none.As long as China and Russia are pledging support for Iran, the latter will not compromise on the crucial nuclear issue.
An echo to Tshering & AsianObserve: the oil export to west (EU) is actually just 18% of IRan's total, around 450k barrel per day to 2.5m bpd, while China claims almost double that.China already has a lead here where it is the single largest importer of Iranian oil. Russia is already resource rich and imports don't really concern it much on fossil fuel. So they have already charted out their masterplan. It is we Indians who have none.
The bidding is getting higher. Quite a delicate & hard time for everyone (perhaps except Russia)...
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...
- Press US and NATO for their continued supply of weapons to Pakistan against us. (We must play the hardball).
NEW DELHI: Fearing that fresh US sanctionsmay block a six-month-old conduit used for paying for Iranian crude, India wants to pay its second largest oil supplier in rupees.
The issue is likely to figure prominently when a multi- disciplinary team visits Tehran on January 16 to discuss uninterrupted supply, a top government official said here.
India currently pays Iran about $1 billion every month through Turkey for the 370,000 barrels per day of crude oil it buys from the world's fourth-largest oil producer.
"There are chances that Turkey may come under pressure after a fresh round of US sanctions imposed on Iran," an official said.
Under the proposal, National Iranian Oil Co (NIOC) will open a rupee account with Indian banks and can use the money to purchase non-strategic items like railway imports and buying commodities. It cannot, however, use the money to invest in India or buy shares or companies.
A list of what Iran can do with the money and what it cannot is being prepared.
The official said the Reserve Bank of India, which had in December 2010, discontinued a long-standing mechanism of payment through central banks, had previously opposed payments for the Iranian oil in rupee.
India had in February last year started making euro payments through an Iranian bank based in Germany. But under US pressure, Germany soon stopped accepting money from India for onward transfer to Hamburg-based EIH Bank, sending India to the doorstep of Turkey.
Routing payments through Russia was discussed during the visit of Prime Minister Manmohan Singh to Moscow last month. However, Russia is not keen due to the "complexities" involved.
US President Barack Obama signed a Bill into law late last month empowering US authorities to impose penalties on foreign banks dealing with the Central Bank of Iran to settle oil import payments.
National Security Adviser Shivshankar Menon on Thursday chaired a meeting of officials from the ministries of finance, petroleum and external affairs and the Reserve Bank after indications from Turkey's state-run Halkbank that it would have to stop settling payments on behalf of Indian companies.
The official said a preparatory meeting would be held in the oil ministry this week.
New Delhi, however, sees no supply disruptions unless the Strait of Hormuz is closed.
I have no problems with the US, Russia, China having nuclear weapons. I have problems with all the rest of the World having those weapons. Can you imagine Sri Lanka having a nuclear weapon? Bangladesh? (I know their economic situations will not permit them to have one at the moment, but what if they insist on having nuclear weapons?) Nuclear weapons for everyone! Anybody?Its so ironic that the only country that has used its uclear weapons , now prohibits every other country from acquiring one.. first it was India, now its Iran..
all countries will acquire nuclear weapons some day.., no matter what. it's funny that americans have 3500+ nukes in ready state of all size and yields. and still they prohibit others from developing such weapons.Its so ironic that the only country that has used its uclear weapons , now prohibits every other country from acquiring one.. first it was India, now its Iran..
Americans are the one who has caused all the major problems, wars and issues in the world.
i understand your feeling and i do respect your opinion. infact, i even agree with what you are saying. but everybody has equal rights to defend themselves.I have no problems with the US, Russia, China having nuclear weapons. I have problems with all the rest of the World having those weapons. Can you imagine Sri Lanka having a nuclear weapon? Bangladesh? (I know their economic situations will not permit them to have one at the moment, but what if they insist on having nuclear weapons?) Nuclear weapons for everyone! Anybody?
Mate it's not just any country Iran is a Mullah country they don't have any democracy or any check and balance system. If the Mullah wants something so his will be done! That's why Israel is so opposed to Iranian nuclear program, so should we!Iran; has every right to produce nuclear weapons for it's defenses; just like everybody else has. america needs to mind it's own business. if we introspect, Americans are the one who has caused all the major problems, wars and issues in the world.
American strategy analyst should keep in mind the basic line of morality. "what goes around.., comes around".
Now i understand why i was surprised when i went to gas-station to fuel my car before 30 minutes writing this post. gas(petrol in usa) price has been raised by whopping $0.49 cents since last 4-5 days. Hike in gas prices will do absolutely no good to already fragile almost bankrupted american economy.
I may look like an anti-american here, but i am not.
i understand your feeling and i do respect your opinion. infact, i even agree with what you are saying. but everybody has equal rights to defend themselves.