Tuesday, October 7, 2014

EU Lifts Sanctions on Iran Oil Tankers

By Micah Halpern
I've Been Thinking:

Yesterday an EU court lifted the sanctions against Iran's main oil tanker company. The court said that the sanctions have been annulled.

The EU did not even present an opposing point of view and so, the sanctions were automatically annulled.
The time frame allotted for appeal had elapsed and no paperwork had been submitted in order to continue the sanctions.

That means that Iran's largest oil tanker company known as NITC which stands for the National Iranian Tanker Company is free to deliver oil to the European Union without restraints.

Of course there are still limits on the export of Iranian oil --- but not on the Iranian tankers delivering the Iranian oil.

This effectively destroys any potential power a European boycott of Iran would have. It means that there is almost no way to effectively pressure Iran. Their most important cash cow is free to function as it wishes and Iran is now able to provide Europe, a continent starving for fuel especially oil, with as much as they demand.

What a downturn and disappointment this is for those hoping to create a united front to pressure Iran to adhere to international demands and expectations regarding nuclear technology.


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