Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia welcomes Palestinian leadership reforms, appointment of Hussein Al-Sheikh    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US balances new Iran sactions
By Andrew Quinn
Published in The Saudi Gazette on 04 - 01 - 2012


Reuters
The United States has armed itself with some of the toughest sanctions yet targeting Iran but must carefully assess how to avoid catching energy-importing allies such as Japan, South Korea and India in the crossfire.
President Barack Obama signed the law on Saturday imposing sanctions on financial institutions that deal with Iran's central bank, the main clearinghouse through which OPEC's No. 2 oil exporter deals with clients around the world.
The new US sanctions were pushed through Congress despite misgivings among administration officials, who now must consider how to implement the law without roiling global energy markets or upsetting friendly governments that depend in part on Iranian crude oil imports.
Political analysts said Washington hopes the new sanctions will spur foreign banks to change their behavior before the United States is required to begin freezing them out of US financial markets.
“The sanctions will force a choice between buying Iranian oil or engaging in the US financial system, the largest in the world. That is going to change the risk calculus for a lot of folks,” said Brian Katulis, a security expert at the Center for American Progress. “They are going to wait to see how this signal is received before they take any further steps.”
The new US measures target both private and government-controlled banks, including central banks, and would take hold after a two- to six-month warning period depending on the transactions.US officials acknowledge that allies such as Japan have concerns, and have built in provisions designed to make the new law more of a scalpel than an axe.
The law allows Obama to exempt institutions in a country that has significantly reduced its dealings with Iran. He may also grant waivers deemed to be in the US national security interest or otherwise necessary for energy market stability.
Obama would need to notify Congress and waivers would be temporary but they could be extended.
White House officials declined to say which countries have sought waivers or how they expect the sanctions to impact US relations with Iran's oil customers.
China, the No. 1 customer for Iran's oil, and Russia have both resisted additional sanctions on Tehran and are unlikely to be swayed by the new US law, analysts said.
But for countries such as Turkey, which gets about 30 percent of its oil from Iran, or India, which gets 11 percent, the prospect of a US waiver could reduce anxieties over the sanctions and consolidate support for Washington's aggressive stance on Iran's nuclear ambitions.
“There is increased frustration from many of these nations when they see that previous rounds of sanctions haven't done what they were intended to do,” said Trita Parsi, an Iran expert and head of the National Iranian American Council.
“Part of the administration argument going into an election against a Republican candidate is that Obama has been able to create a much stronger international coalition against Iran. You can't make that argument if you end up in a conflict with some of those allies.”
Waivers also could be selectively granted for humanitarian reasons or for institutions that have forward contracts with Iranian companies - blunting the immediate impact of the new law, while retaining the threat of full implementation.
Tehran signaled during the weekend that it was ready to resume talks on its nuclear program with the USt, Russia, China, Britain, France and Germany that stalled in January. __


Clic here to read the story from its source.