Sunday, December 1, 2013

Obama retains oil sanctions against Iran despite Geneva Deal

In the aftermath of the newly struck Geneva deal by Iran with the Western world, USA seems unmoved by the latest developments and S President Obama has ruled out lifting sanctions on export of petroleum and petroleum products from Iran.

The decision has had a significance impact of neighbouring Pakistan, which was hoping the sanctions to be lifted so that it could buy gas from Iran through a specially laid down pipeline from Iran to Pakistan.

“There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions,” Mr Obama said in a statement issued by his office.

The American response is rather tangent to the Geneva deal in which  the United States and its Western allies have agreed to “suspend US and EU sanctions on Iran’s petrochemical exports, as well as sanctions on associated services.”

Read more about it at: The Dawn
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