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Editor’s Note: The following report is excerpted from Joseph Farah’s G2 Bulletin, the premium online newsletter published by the founder of WND. Subscriptions are $99 a year or, for monthly trials, just $9.95 per month for credit card users, and provide instant access for the complete reports.
WASHINGTON – As G2Bulletin has reported, India and China are reluctant to give up altogether the oil they obtain from Iran in order to support the latest sanctions imposed by the United States against Iranian oil exports and doing business with Iran’s central bank, according to a report in Joseph Farah’s G2 Bulletin.
Now, a London-based energy research institute is saying the same thing.
Global Insight said that given the heavy reliance by these two countries on Iranian oil, the U.S. and E.U. will “have to struggle to enforce practical sanctions” against deals for Iran’s crude oil.
Already, India and China have sought to take advantage of the waiver provisions in the sanctions imposed by the U.S. and E.U. In addition to India and China, Japan and South Korea similarly are major recipients of Iranian oil. Even a number of the E.U.’s biggest economies of Germany, France and Great Britain daily import major supplies of Iranian crude oil.
“It will be difficult to enforce a ban as India and China are not willing to back the ban,” according to the Global Insight report. “Iran will still be able to find buyers if they make concessions and lower their prices.”
China, South Korea, Turkey and Iraq all have sought waivers on Iran oil sanctions. Even Iran’s oil minister, Rostam Qasemi, has said that Iran has “no concerns whatsoever for finding new customers” for its oil.
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