Woodrow Wilson once said that, “A nation that is boycotted is a nation that is in sight of surrender. Apply this economic, peaceful, silent, deadly remedy and there will be no need for force. It is a terrible remedy. It does not cost a life outside the nation boycotted, but it brings a pressure upon the nation which, in my judgment, no modern nation could resist.” Rebutting the same, decades later, Omar Bongo, former President of Gabon, argued against the use sanctions, commenting, “...It is important to observe that when Europe or the United Nations impose sanctions that are supposed to be aimed against a certain regime, usually millions of people end up being directly punished.” With time, the very objective of sanctions has undergone a full transformation – today, sanctions are used mostly for strategic gains than anything else.
The United States and its allies (particularly Israel) are closing in on Iran! With a thumping majority (100-0), the US Senate last month approved sanctions prohibiting foreign financial institutions from undertaking any business with the Central Bank of Iran. After a series of sanctions that have been regularly imposed on and off, the US government’s latest sanctions against Iran (signed into law by US President Obama on December 31, 2011, as a part of the act titled H.R. 1540, the “National Defense Authorization Act for Fiscal Year 2012”) are clearly the strictest ever. In his official statement on H.R. 1540, available at the White House website, Obama uses the word ‘military’ 14 times, with ‘defense’ being used only 9 times – this makes the aim of the law very evident! For records, more than 15 sanctions have been imposed on Iran till date!
Post the latest set of sanctions, the Iranian national currency – Rial – immediately lost its value by almost 15-20 per cent and is currently being exchanged at its lowest-ever rate of around 17,000-17,500 Rials to a dollar. The sanctions curtail other countries too from buying Iranian crude oil. The US through the latest sanctions can also debar parties that are trading with the Central Bank of Iran from having correspondent banking operations in the United States.
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The United States and its allies (particularly Israel) are closing in on Iran! With a thumping majority (100-0), the US Senate last month approved sanctions prohibiting foreign financial institutions from undertaking any business with the Central Bank of Iran. After a series of sanctions that have been regularly imposed on and off, the US government’s latest sanctions against Iran (signed into law by US President Obama on December 31, 2011, as a part of the act titled H.R. 1540, the “National Defense Authorization Act for Fiscal Year 2012”) are clearly the strictest ever. In his official statement on H.R. 1540, available at the White House website, Obama uses the word ‘military’ 14 times, with ‘defense’ being used only 9 times – this makes the aim of the law very evident! For records, more than 15 sanctions have been imposed on Iran till date!
Post the latest set of sanctions, the Iranian national currency – Rial – immediately lost its value by almost 15-20 per cent and is currently being exchanged at its lowest-ever rate of around 17,000-17,500 Rials to a dollar. The sanctions curtail other countries too from buying Iranian crude oil. The US through the latest sanctions can also debar parties that are trading with the Central Bank of Iran from having correspondent banking operations in the United States.
Read more
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