Iranian Foreign Minister Javad Zarif announced over the weekend that Iran and the European Union are very close to finalizing negotiations on a major oil trading deal. Zarif said there was growing enthusiasm for the deal, which if completed would be the most overt rejection of US sanctions and threats.
Last week, the European Union unveiled a plan to open a closing house that would allow trade with Iran to bypass US banking sanctions. This plan was centered on the idea of an oil trade, with oil purchasers giving money to the clearing house, which would pass it on to other EU companies to pay them for goods and services provided to Iran.
EU officials seem to have become increasingly interested in the oil deal since the plan was announced, as it now seems that EU leadership is committed to resisting US sanctions, and has set up a means to do so.
The US has demanded that the world take down Iran exports to zero. China buys the majority of Iranian oil, and will continue to do so. A deal with the EU is likely to ensure that Iran’s oil exports can remain strong despite US threats.
Good news for a change!!!
Iran continues to serve as an example to the rest of the world. It’s possible to resist US bullying! China, Russia, and others no doubt are learning from Iran’s courage and diplomacy successfully resisting US military, cyber, terror and financial attacks over the last three or four decades, and meanwhile gaining victories over the US in Iraq, Syria and Lebanon. Certainly the EU took notice.
But the EU is doing it in self interest also. Sanctions hurt both buyer and seller. Europe now realizes that Trump’s MAGA includes putting a financial hurt on Europe, a competitor, an economic rival, like China. Of course it was happening before, but it’s clearer now with the JCPOA pullout.
I’m no economic expert, but it seems to me that if some countries want to set up a sort of ‘black market’ in oil than why not. Get some advice from the mob and do it. SWIFT is mentioned, but it’s just a communications channel, not an operative one. So just set up new communications, etc. We don’t know the details yet, but I’m available to consult. 😉