Hurting With Inmporters and Exporters

According to latest report this all comes on the back of a range of US measures which have sought to persuade the largest customers for Iranian oil in Asia to reduce their purchases. They have measure problem about Indian Exporters and/or Indian Importers. India, China, Japan and South Korea have all scaled down purchases in recent months, with South Korea reportedly deciding to halt imports from Iran altogether from July.

The teeth in the US sanctions effort is the threat of measures against the financial institutions of any country perceived by Washington as not to be taking sufficient steps to reduce its dependence on Iranian oil. This has prompted a rush to find alternative suppliers for at least part of their Iranian imports and/or Exporters.

Probebly the US has issued waivers to some 20 countries who have been reducing their purchases of Iranian crude, absolving them from financial sanctions, including most recently Singapore and China. For some Europeans reducing their dependence upon Iranian oil has not been easy.

Professor Paul Stevens said that a senior research fellow at Chatham House notes, (the main importers/expoertrs of Iranian crude were Italy and Greece and both have been hurt).

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