web analytics
October 21, 2014 / 27 Tishri, 5775
At a Glance
News & Views
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



New EU Sanctions on Iran Go into Effect; Tehran Remains Defiant

Ayatollah Khamenei, Supreme Leader of Iran

Ayatollah Khamenei, Supreme Leader of Iran
Photo Credit: Mehr News Agency

European Union sanctions terminating existing petroleum import contracts with Iran and banning new contracts went into full effect on Sunday morning, eliciting a defiant response from the Islamic republic.

The most recent round of sanctions is part of the West’s determined effort to halt Iran’s contentious nuclear program without resorting to force. But Iran struck a belligerent tone, with Iran’s central bank governor Mahmoud Bahmani telling the semi-official Mehr News Agency that “we are implementing programs to counter sanctions and we will confront these malicious policies.” He also claimed that Iran has accumulated up to $150 million in foreign reserves to shield itself from any potential shortfall.

On June 28, the United States also imposed additional sanctions which penalize foreign countries for purchasing Iranian oil, but the Obama administration substantially minimized their potential impact by granting waivers to 20 countries – including China (Iran’s biggest oil purchaser), India, Japan, Turkey, and South Africa -  apparently satisfied that they have reduced their purchases. Still, one of the most disruptive measures in the new EU sanctions regime is the ban on EU firms insuring shipments of Iranian oil, which has ramifications far beyond the European continent, as many countries around the globe look to EU firms to insure their oil shipments.

Experts say that beyond accumulating foreign reserves, Iran will seek to balance the loss of exports with increased sales elsewhere, but there is no denying that Iran’s oil industry is taking a hit: estimates suggest that Iran’s oil exports have declined 40% this year. Considering that petroleum exports account for half its revenue, Iran is certainly feeling the pressure.

“Today, we are facing the heaviest of sanctions and we ask people to help officials in this battle,” Vice-President Mohammad Reza Rahimi was quoted by Iranian state television as saying.  Although the “dastardly sanctions” may result in “occasional confusion,” Rahimi insisted that the Iranian people would not be deterred.

Iran and the Western-led bloc of nations recently sought to make some progress in resolving the nuclear standoff before the onset of the new sanctions – with negotiations in Istanbul, Baghdad, and Moscow – but the negotiations ran aground, as the parties could not even agree on the agenda. While the Western bloc was demanding that Iran stop its high-grade uranium enrichment activities, ship all high-grade uranium out of the country, and close down the Fordo enrichment facility near Qom, Iran was focused on heading off the impending sanctions, and made negotiations on the substantive issues contingent on the suspension of the sanctions.

About the Author:


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “New EU Sanctions on Iran Go into Effect; Tehran Remains Defiant”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Prime Minister Binyamin Netanyahu at a government meeting.
Proposed Conversion Bill, Change in Local Rabbinate Power Nixed by Netanyahu
Latest News Stories
Woman stoned by father and ISIS

The woman’s father and other ISIS members stoned the woman to death for adultery.

Hamas Museum 1

Hamas has created a museum exhibit, currently showing at al-Aqsa University in Khan Younis, Gaza. Hamas is showing off its weapons and propaganda pieces from this past summer’s war, Operation Protective Edge.  

Prime Minister Binyamin Netanyahu at a government meeting.

A bill that would end the control of the Chief Rabbinate over conversions to Judaism in Israel was nixed Monday by PM Netanyahu.

Haaretz smears U.S. terrorism expert for being a Republican and friend of Sheldon Adelson.

Leslie W., 48, and his partner Akiwa H., 56, are charged with having sold more than 88,000 pounds of non-kosher meat for a marked-up price.

The Rabbinical Council of America said that since the arrest last week of Rabbi Barry Freundel of Washington, DC, it has been working assiduously to address the many challenges that its members and their communities now face.

It was an outright miracle: a tiny teahouse in the pass, and the equivalent of a Sherpa Pony Express to deliver a call for help.

ISIS propaganda video warns “our grandchildren will sell your sons as slaves.”

At least eight civilians were killed in US-led coalition air strikes against ISIS in a Syrian town near Deir el-Zour.

Hezbollah guerrillas are back on Israel’s northern border even though they’re busy in Syria. The question is what they’re planning and when.

Let’s raise funds to send her to Syria where she can put some sense in her head, if it stays attached.

An Israeli and an Arab poll results after the war.

The long ordeal of the Armenian Orphan Rug, held hostage to fears of angering Turkey, has finally ended. Or has it?

Dr. Eli Harari will receive the U.S. National Medal of Technology and Innovation.

More Articles from Jewish Press Staff

The effort to bring the Pattersons’ remains to Israel took three years and involved obtaining the approval of their grandson Alan, as well as the permission of a U.S. court.

Underneath all of the mess in Syria, Israel prefers Russian-backed Assad over jihadist rebels.

The “Shomrim” security squad tracked own the suspect.

We are told that someone who says that God’s mercy extends to a bird’s nest should be silenced.

Printed from: http://www.jewishpress.com/news/global/new-eu-sanctions-on-iran-go-into-effect-tehran-remains-defiant/2012/07/01/

Scan this QR code to visit this page online: