Iran has increased its delivery of a key crude oil grade that Venezuela is using to boost the productivity of its refineries, allowing the Latin American nation to free its lightest grades for blending and exporting.
Mega Eurasian organizations and their respective projects are now converging at record speed, with one global pole way ahead of the other.
The Russian logistics company, RZD Logistics, announced on 7 July that it has completed its first transportation of goods via container trains from Russia to India through the eastern branch of the International North-South Transport Corridor (INSTC). This first transportation of goods through the INSTC was made in coordination with the Iranian shipping firm, the Islamic Republic of Iran Shipping Line Group (IRISL). The INSTC, which links the Indian Ocean and Persian Gulf to the Caspian Sea via Iran, is a 7,200 kilometer-long, major international shipping route for Indo-Russian trade. The cargo left Saint Petersburg on 13 June, passing through the Caspian Sea port of Anzali and the Iranian port of Bandar Abbas before arriving in India.
Coinciding with the visit of Iranian Foreign Minister Hossein Amir-Abdollahian to Syria on 2 July, a third Iranian oil tanker has arrived in the port of Baniyas, north of Tartous. Two million barrels of crude oil were delivered to Syria from this shipment. The supply of energy resources and other goods is part of an Iranian credit line extended to Syria. The credit line was first opened in 2013 with a cap of $1 billion.
2022-03-08Russia's judo kick to the western financial gut. Washington's sanctions on Moscow will destroy Europe, not Russia
The battlefield is drawn. The official Russian blacklist of hostile sanctioning nations includes the US, the EU, Canada and, in Asia, Japan, South Korea, Taiwan, and Singapore (the only one from Southeast Asia). Notice how that ‘international community’ keeps shrinking. The Global South should be aware that no nations from West Asia, Latin America or Africa have joined Washington’s sanctions bandwagon. Moscow has not even announced its own package of counter-sanctions. Yet an official decree “On Temporary Order of Obligations to Certain Foreign Creditors,” which allows Russian companies to settle their debts in rubles, provides a hint of what’s to come.
Iran had its voting rights suspended over late dues earlier this week as it struggles to get access to its international accounts frozen by US sanctions. Iran is looking to find a "safe channel" to pay its dues to the United Nations as it struggles to access its international accounts that have been frozen under heavy US sanctions. Majid Takht Ravanchi, Iran’s permanent representative to the UN, said late on Friday that the country was determined to have its voting rights reinstated once it finds a way around its blocked international accounts. "The Islamic Republic of Iran has always been committed to pay for its membership on time and we have shown this in action before," Ravanchi said. "Unfortunately, for a second year we are facing hurdles in making our payments and that is because of the cruel US sanctions … the funds are there in our accounts abroad but can’t be accessed."
110 Republican lawmakers have called on the Biden administration to abandon negotiations with Iran aimed at saving the 2015 nuclear deal and impose new sanctions against Tehran, according to a letter sent Wednesday to the US State Department and obtained exclusively by the Washington Free Beacon. “We write to urge you to immediately withdraw from the fruitless Vienna talks to re-enter the Joint Comprehensive Plan of Action (JCPOA) and instead strongly enforce existing sanctions against Iran, particularly with respect to the oil trade between Iran and the People’s Republic of China,” the lawmakers write in a letter spearheaded by House Foreign Affairs ranking member Michael McCaul (R., Texas) and cosigned by 109 other lawmakers.
Last week, the seventh round of the negotiations over the fate of the JCPOA saw Iran table an initial proposal on sanctions relief. The proposal led to complaints from Western officials that the Iranian negotiators were being unreasonable. Iranian officials responded by insisting their proposals were “pragmatic.” The initial exchange suggested to some that disagreements over sanctions relief issue are going to prove the intractable because what Iran wants—significant investment—is impossible for the P5+1 to guarantee. Gérard Araud, former French ambassador to the United States and an astute observer of the nuclear talks, tweeted that “Even if the JCPOA was restored, no Western company would dare invest a cent in Iran.”Araud is rightly concerned. Western companies will be reluctant to invest in Iran due to fears that a Republican president could reimpose sanctions in 2025, putting their investments in jeopardy.
Korean technology giants LG and Samsung, which had dominated the Iranian home-appliance market, left in November 2018. According to the Iranian embassy in Seoul, trade between the two countries, which amounted to $12 billion in 2017, dropped by half in 2018 and plunged to a mere $111 million in the first six months of 2020. South Korea stopped importing Iranian oil in May 2019 and South Korean banks froze $7 billion in Iranian assets from the prior sale of crude oil and gas condensate to abide by US sanctions. This money has become a thorn in relations between the countries, whose ties have historically been so close that they both have streets named after each other in their respective capitals.
In September 2021, at the height of the unprecedented fuel shortage in Lebanon, a tanker carrying Iranian fuel docked at a Syrian port where the fuel was loaded onto trucks and driven through an illegal border crossing into Lebanon. The fuel shipment was brokered by Iran-backed Hezbollah to help alleviate Lebanon’s energy crisis that has been brought on by the country’s ongoing economic crisis. The newly formed Lebanese government made no comment about the shipment while Hezbollah hailed the arrival of the fuel a ‘victory’ and as having ‘broken the American siege’ on Lebanon. Despite it being in violation of US sanctions on trade with Iran, the US ignored the scenario altogether.