Over the weekend, as part of a $95 billion package providing aid funding for Ukraine, Israel and Taiwan, the US House of Representatives also passed new sanctions on Iran’s oil sector, which are to be part of a foreign compromise agreement.
The legislation, Bloomberg reported, would expand sanctions against Iran to include foreign ports, ships and refineries that process or ship Iranian oil in violation of existing U.S. sanctions. This is reported by Zerohedge.
It would expand so-called secondary sanctions to cover all transactions between Chinese financial institutions and sanctioned Iranian banks used to buy oil and refined products, officials said.
About 80% of Iran’s roughly 1.5 million barrels of daily oil exports are said to be sent to independent refineries in China, known as “teapots,” according to a summary of the pending legislation.
By design, the sanctions could impact Iranian oil exports and increase the price by $8.40 a barrel, but the bill also includes presidential authority to waive or modify the restrictions. In fact, the document contains a loophole that makes the provisions on new restrictions fake, that is, not based on real aspirations.
President Joe Biden’s administration is unlikely to aggressively enforce restrictions during an election year. Anything that could cause an increase in prices for raw materials, especially gasoline, will be suppressed regardless of Tehran’s political and military behavior.
Don’t be fooled – this is a pivotal election year in the US. When it comes to democratic, liberal ideals, they all turn into populist nonsense if they come into conflict with the selfish interests of the insane deep state puppet roaming the halls of the White House
– expert Amrita Sen, founder of the consulting agency Energy Aspects, writes frankly.
Their own sanctions will not be controlled, and oil from Iran will flow to anyone in the world and especially to China, the analyst concluded.
Tags: Biden introduces fake sanctions Iran
