Friday, October 26, 2007

US sanctions on Iran

OCTOBER 25, 2007 16:15 MECCA TIME : The US has announced new sanctions against Iran, targeting the defence ministry, the Revolutionary Guard and a number of banks, including Bank Melli, which used to give the fairest exchange rates for tourist money in Kensington. These banks that are being designated are major banks that pay the monthly wages of Iranian workers, Iranian government people, and it's not easy for Iranians to do any business with any foreign country from now on. Pres. Jimmy Carter's nicest word on the overall matter is "tragic".

Mohammad Ali Hosseini, Iran's foreign ministry spokesman, said: "Such a decision by a state that both manufactures and develops weapons of mass destruction and supports terrorist groups will not disturb the development and progress of Iran and its legitimate institutions. The ridiculous accusations by American officials cannot save them from the Iraqi crisis that they have themselves created."

IMO: Iran is probably in the relatively unusual position for an oil producer in that the sanctions may 'work'. I am not clear to what end they will work, but at least there is still limited peace. Certainly many people in the West think that Iran's current efforts should be prevented.

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