web analytics
July 31, 2015 / 15 Av, 5775
At a Glance
News & Views
Sponsored Post


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.

Current Top Story
Matt Lee of the Associated Press at the State Department press briefing.
ObameDeal Exposed: It’s not ‘Secret’ from Congress but not in Writing
Latest News Stories
Matt Lee of the Associated Press at the State Department press briefing.

State Dept. claims Congress is “looped in,” but IAEA head refuse to testify at Senate hearings.

They are throwing rocks and blocks at the drivers as they drive by.

Saudi Arabia Airlines passenger plane. (illustrative)

“Families should not be stuck paying hidden fees, or buying ‘premium’ seats, simply because they wish to be seated together on crowded flights.”

Arabs threw firebombs and stones at Jewish people, homes and cars all week long, yet the mainstream media missed most of the reports.

The IDF and police are combing Judea and Samaria to search and arrest the attackers.

“Yesha” and Binyamin Regional Council leaders said the attack “is not the path of Jews in Judea and Samaria.”

Saudi Arabia may buy $5.4 billion worth of PAC-3 missiles as part of an effort by the Obama to soothe Riyadh’s anger over the nuclear agreement with Iran. The State Dept. approved the Lockheed missile sale, which also would be another plum for the military-industrial complex. Lockheed stated, “Lockheed Martin is supporting the US government […]

Prime Minister Binyamin Netanyahu issued a statement after this mornings’ arson-murder, apparently by  price-tag terrorists, near Shechem (Nablus): I am shocked over this reprehensible and horrific act. This is an act of terrorism in every respect. The State of Israel takes a strong line against terrorism regardless of who the perpetrators are. I have ordered […]

Thousands of security forces have been deployed to the Temple Mount. Mother and brother of baby are in critical condition.

The initial investigation indicates that Price Tag vandals have now graduated to murder.

California Democratic Congressman will vote against Iran deal because it fails to stop Iran from becoming a nuclear threshold state.

Hamas said that the unity government’s reshuffle was “unconstitutional and outside consensus.”

Jewish community leaders argued these “stolpersteine” — German for stumbling blocks — were an inappropriate form of remembrance because people would step on them.

The stabber is an ultra-Orthodox man who had stabbed three marchers at the gay pride parade in Jerusalem 10 years ago.

More Articles from Jewish Press Staff

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: