US severs Iran’s oil export lifeline. A hawkish new Revolutionary Guards chief prepares payback

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Title : US severs Iran’s oil export lifeline. A hawkish new Revolutionary Guards chief prepares payback
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Monday, April 22, before announcing the cancellation of waivers that allowed 8 countries to buy embargoed Iranian oil. US Secretary of State Mike Pompeo said in an unprecedentedly tough statement. “We are going to zero across the board. We’ll continue to enforce sanctions and monitor compliance and any nation or entity interacting with Iran should do its diligence and err on the side of caution; the risks are simply not going to be worth the benefits.” He went on to say: “How long we’ll remain there at zero depends solely on the Islamic Republic of Iran’s senior leaders.”

The countries who will no longer benefit from the waivers are China, India, Japan, Taiwan, South Korea, Italy, Greece and Turkey. They collectively imported a million barrels a day of Iranian oil. Prior to sanctions, Iran was exporting 2.1 million barrels per day. That figure had already dropped to 700,000 barrels. Since oil is Iran’s single export commodity, its cutoff to zero is a virtual death blow to its economy.

Before the latest tightening of US sanctions, the first round had been devastatingly effective. The official inflation rate had soared past 50 pc to stand at an annual rate of 30.6pc. Basic foods, water and tobacco were priced 85.3p higher than the corresponding period the year before. Whereas in 2018, the US dollar went for 40,000 rial, today the rate has sunk further to 140,000 rial. Therefore, the zero-oil sales level projected by the US is tantamount to zero revenue for the Iranian revolutionary treasury.

“The goal remains simple,” as defined by Pompeo: “To deprive the outlaw regime of the funds it has used to destabilize the Middle East for four decades and incentivize Iran to behave like a normal country.” He calculated that the sanctions will divert “well north of $10 billion” away from the Iranian regime. READ MORE