Sanctions and the global economy

Anti-Iran sanctions hurt global economy: Political analyst

A political analyst says US-led sanctions imposed on Iran have an undesirable impact on international business and hurt the global economy, Press TV reports.

Press TV,

16 October, 2012

“Sanctions and political decisions influence international business of buying, selling, trading, and transporting oil around the globe,” Senior Petroleum Upstream Analyst at the Center for Global Energy Studies in London, Manouchehr Takin said on Tuesday in an interview with Press TV.

Takin stressed that the sanctions imposed on Iran's oil exports by the European Union and the US affects the European oil customers and petroleum consumers all over the world because it raises the prices.

The analyst added, “It is not that straightforward, technically, to substitute this[Iran] crude oil by another crude oil” at refineries worldwide.

On January 23, under pressure from the United States, the EU foreign ministers approved new sanctions against Iran's oil and financial sectors.

The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1.

The illegal US-engineered sanctions were imposed based on the unfounded allegation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations and argues that as a committed signatory to Non-Proliferation Treaty and a member of International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.