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EU imposes economic sanctions on Iran

January 24, 2012, 13:03 UTC+3

Foreign ministers of 27 EU countries decided to stop the import of oil and oil products from that country

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MOSCOW, January 24 (Itar-Tass) — EU has imposed economic sanctions on Iran. Foreign ministers of 27 EU countries decided to stop the import of oil and oil products from that country. EU is going to leave Iran without oil revenues, so that it could not further implement its nuclear program. Experts believe that Europe will also feel a negative impact of the sanctions, but they hope that six months before the putting of the sanctions into effect is time enough to reach agreement.

Georgy Mirsky, senior research worker of the Institute of World Economy and International Relations, under the Russian Academy of Sciences, told The Nezavisimaya Gazeta that the European embargo will do damage to Iran, but “will not become a fatal blow.” “China and Japan also import Iranian oil in large amounts, aside from EU. They will continue to buy oil from Teheran, although the imports will be reduced. India is not going to curtail its trade with Iran either. And still, the EU sanctions are going to be more effective, than those imposed by the U.N. Security Council, which were supported by Russia,” he said.

Mikhail Krutikhin, a partner of the RusEnergy Company, whose words are quoted by The Kommersant, believes that the sanctions will have a small negative impact on Teheran, because there are countries that wish to buy Iranian oil, primarily China and India, which do not intend to stop Iranian oil imports. “Japan voiced its intention to join the Western sanctions, but without enthusiasm. Probably, it will stick to them only partially. So, Iran will not have to reduce oil production and stop exports,” Krutikhin explained.

In his opinion, EU will find itself in a difficult situation because of the sanctions. “Greece will be badly hit, because it will have to purchase oil at a high price somewhere in Azerbaijan, the Middle East or Latin America. Russia will not be able to help Europe and supply it with oil instead of Iran, because all the contracts have been signed, and it cannot rapidly increase its oil output,” Krutikhin said.

The sanctions imposed by Europe and the United States resulted in the consolidation of Iranian society. People come to regard more and more often the military nuclear program as the only way to protect their country against a possible foreign invasion, the Rossiiskaya Gazeta writes. Talks with Iran on its nuclear program may be resumed only if Europe and the U.S. openly reject the sanctions policy as the only way of making Iran start a dialogue.





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