We're getting tough on Iran. Yessirree, these sanctions are gonna hurt real bad...
Today Obama officially exempted ten Euro countries and Japan from sanctions designed to discourage them from importing Iranian oil.
If you compare a list of exemptions to a map of Europe you'll see that the so-called sanctions are right next to meaningless.
You'll notice that Luxembourg is not on the list of exemptions. We're getting tough on Luxembourg. Oh, they didn't import Iranian oil anyway? Hmmm, maybe that's why we're getting tough with them.
Lichtenstein and Monaco too. Watch out, irrelevant European statelets; we're gonna come down hard.
Meanwhile, Iran's biggest oil customers, India and China, continue to do business as usual with the Islamic Republic.
And of course any sanctions plan just opens up huge profit opportunities for middlemen like Glencor in Switzerland. Once that oil is on the tanker, who really knows where it came from? It becomes an exercise in creative paperwork.
Glencor is a world leader in creative paperwork.
In fact, it wouldn't surprise me one bit if Israel's refinery is still getting its crude oil from that network of creative paperwork.
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