BAKU, Azerbaijan, Nov.13
By Leman Zeynalova – Trend:
The new US sanctions against Iran, and increased sanctions against the Petroleum Ministry, NIOC and NITC are largely priced into the oil market already, Sam Barden, Director of SBI Markets, an international commodity trading and advisory company, told Trend.
The United States Treasury Department announced new sanctions against the Iranian oil industry Monday as part of the Trump administration’s increasing economic pressure on Iran.
Sanctions have been imposed on the Iranian Ministry of Petroleum, the National Iranian Oil Company and the National Iranian Tanker Company “for their financial support to Iran’s Islamic Revolutionary Guard Corps – Quds Force.
In response to the sanctions, Iran’s oil minister wrote on Twitter that Tehran’s oil industry will not yield to pressure from the US.
“I think that under a Biden administration, USA will pick up on the Obama foreign policy of positive engagement with Iran. This would mean a rollback of sanctions and a return the JCPOA and its pathway to peace. Any peaceful trade in the region has to involve Iran.
As it stands, the Trump administration’s new sanctions against Iran make no sense in light of the Abraham Accords. There will be no peace and prosperity in trade in the Middle East without the involvement of Iran. There are competing oil trade routes and currency settlement arrangements at the center of this politicking, and sanctions are going to intensify them, not make them go away,” he said.
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