India Could Become the First Large Casualty of the US Sanctions on Iran

Greek suppliers concerned about the potential default of Greece have shut off financing for oil. In turn this has caused Greece to turn to Iran. However, the EU is now threatening to impose more sanctions on Iran over nuclear issues. If the EU acts tat stupidly, the Greek economy will shut down.Please consider Greece turns to Iranian oil as default fears deter tradeNov 11, 2011

Submitted by John C.K. Daly of OilPrice.com Despite Sanctions, Iran's Economy Limps Along In the 20th century, upright moral nations developed a new method of showing international opprobrium to rogue nations, the implantation of economic sanctions, designed to modify a recalcitrant nation’s behavior to accommodate international political mores.

As we all know by now, at the end of 2011 President Obama signed an act to impose trade sanctions on Iran in an effort to force economic pressure on the Persian nation with the hope that they will halt their nuclear enrichment program. The sanctions will punish any foreign financial institution which conducts transactions with Iran for its crude oil by cutting off that institution from the US financial system.

SINGAPORE/SEOUL — South Korea’s Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year’s hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, people familiar with the deal said on Friday. Stringent U.S. and European sanctions aimed at reducing Iran’s oil income and forcing Tehran to curb its nuclear programme have made shipping and paying for the oil hard, halving the Islamic Republic’s crude exports.