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Telegraph: US Dollar Forces World to Join Trump Oil Blockade Against Iran

Telegraph: US Dollar Forces World to Join Trump Oil Blockade Against Iran
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By    |   Wednesday, 24 April 2019 08:11 AM

The power American greenback reportedly is forcing China, India and Turkey to join President Donald Trump’s oil sanctions against Iran.

The United States on Monday demanded buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes, Reuters explained.

President Donald Trump said he was confident that Saudi Arabia and the United Arab Emirates will fulfill their pledges to make up the difference in oil markets, a U.S. official told reporters Monday.

Meanwhile, the U.S. “has established hegemonic control over global finance and the dollarized payments system,” the U.K. Telegraph’s Ambrose Evans-Pritchard explained.

The cost of defying the White House on a large scale is punitively high, the Telegraph reported. “Anyone doing business with Iran will not be doing business with the United States,” Trump tweeted.

A cell at the U.S. Treasury called the Office of Foreign Assets Control – or simply Ofac to its victims – has perfected the art of economic strangulation through the global banking, insurance and shipping nexus, the Telegraph expaliend

"All three countries will be forced to cut Iranian crude imports as temporary “waivers” are phased out in early May. Shipments will not fall to zero because there is always leakage. The Trump administration is likely to turn a blind eye to some trade as part of its carrot and stick approach," the report said.

To be sure, oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude, Reuters reported.

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The power American greenback reportedly is forcing China, India and Turkey to join President Donald Trump’s oil sanctions against Iran.
telegraph, us, dollar, trump, oil, iran
290
2019-11-24
Wednesday, 24 April 2019 08:11 AM
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