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March 31st, 2012 
FAKE NEWS for the Zionist agenda
China and Russia have criticised EU and US attempts to mount an oil embargo
against Iran as superseding UN sanctions. However the EU and US are now
implementing measures to drastically cut Iran’s overseas exports by June.
The US legislation will essentially force companies around the world to choose
between trade with the US and buying Iranian oil.
Oil and gas form the backbone of the Iranian economy and are vital to the
survival of the Islamic regime, which has been in power since a 1979
revolution. Iran’s energy industry accounts for 70 per cent of its budget
revenues. US officials said they would not speculate on the policy’s impact
on oil prices.
There are already signs that countries are moving to avoid US sanctions.
A day after Recep Tayyip Erdogan, the Turkish prime minister, visited Tehran,
Turkey said it would cut its imports from Iran by a fifth. Banks financing
Tupras, the Turkish oil refining giant, could face penalties.
Iran has been badly affected by tighter sanctions on finance, insurance,
shipping and energy.
The Society for Worldwide Interbank Financial Telecommunication, Swift,
expelled Iran’s central bank and more than 20 other Iranian banks this
month, making it almost impossible for Iran to complete large international
fund transfers.
Michael Lo, an oil industry analyst at BNP Paribas, said Iran’s exports were
set to fall by up to 700,000 barrels per day as result of the US move.
Some countries have moved to sustain imports from Iran by bartering foodstuffs
or processing payments in local currencies through domestic banks.
India, the second-biggest importer of Iran’s oil, has set up a rupee account
at a state-owned bank to settle as much as much as 45 per cent of its bill,
according to Indian officials. China has also bartered produce.
The decision comes as a result of a law passed in December, mandating the
President to decide every six months whether there are sufficient levels of
non-Iranian oil to allow significant cuts in imports from Iran without
damaging the global economy.
The sanctions bill allows the US government to grant waivers to nations that
have significantly reduced purchases of Iranian oil.
The State Department announced that it would grant waivers to Japan and 10 EU
countries, including Britain, because of steps they have already taken to
cut back on Iranian oil.
A senior Obama administration official said that the other 12 countries that
buy Iranian oil – including South Korea, India and Turkey – still have “an
opportunity” to avoid sanctions by cutting their imports.
But the squeeze on Iran has not yet forced the Islamic regime to scale back
its nuclear activities.
Russia yesterday conceded that Iran was continuing to violate UN sanctions by
expanding its nuclear production at an “alarming” rate.
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