More Sanctions Against Iran As It's Oil Exports Collapse

New Iran Sanctions Target Industry In Bid For Deal Curbing Nuclear Program -- Washington Post

New U.S. sanctions have broadened the front in the West’s escalating economic conflict with Iran, targeting large swaths of the country’s industrial infrastructure even as Iranian leaders are indicating a willingness to resume negotiations on the country’s nuclear program.

With Iran’s economy already reeling from previous sanctions, the new measures passed by Congress and signed by President Obama last week are intended to deliver powerful blows against key industries ranging from shipping and ports-management to the government-controlled news media, congressional officials and economic experts say.

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More News On Iran's Oil Export Collpase

Iran Admits That Oil Sanctions Are Having A Brutal Effect -- Business Insider/AFP
Iran Crude Oil Exports Drop 40 Percent Amid Sanctions, ISNA Says -- Bloomberg Businessweek
Iran oil export revenues down 45 pct since March-ISNA -- Reuters
Iran Oil Minister Admits 40% Oil Exports Drop -- Wall Street Journal
Iran: Oil exports declined by 40% due to sanctions -- Jerusalem Post
EIU: China Purchases 50% of Iran's Crude Exports -- FARS News Agency (Iran)

Time To Put Sanctions On Table In Iran Talks?

Former Generals And Diplomats Urge Obama To Put Sanctions On Table In Iran Talks -- Julian Borger, The Guardian

Letter to the White House says time for diplomacy is running out.

A group of 24 experts on nuclear weapons and Iran, including former generals, diplomats and officials, have sent a letter to President Obama urging him to press ahead with the next round of diplomacy with Iran over its nuclear programme and to improve the international offer on the table.

The group includes General Joseph Hoar, a former US Central Command chief, and Lt General Robert Gard, a former president of the National Defence University, as well as many former diplomats from the US and European with experience of the issue.

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My Comment: The problem with this argument is that there are many countries who are willing to break sanctions with Iran instead of satisfying international concerns.

Did Germany's Banking Giant Deutsche Bank Violate Iran Sanctions?

Deutsche Bank May Have Violated Iran Sanctions -- Jerusalem Post

German financial giant reportedly confirms US investigation against it over financial transactions in US dollars with Tehran.

BERLIN – Flagship German financial institution Deutsche Bank appears to be embroiled in violations of Iran sanctions, the German television channel n-tv reported Tuesday on its website.

According to the report, Deutsche Bank confirmed in its quarterly business report on Tuesday that US investigators were probing the banking giant for violating the trade embargo on Iran.

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My Comment: What are they thinking? Is doing banking business with Iran more important than the U.S.? My hope is that if they are found guilty ..... the fines run into the billions and those responsible face jail time.

The Humanitarian Impact Of Sanctions On Iran

The Unfolding Human Catastrophe In Iran -- Al Jazeera

Sanctions imposed on Iran's banks and financial institutions could lead to a humanitarian crisis.

During their debate about foreign policy last Monday, President Barack Obama and his Republican challenger Mitt Romney both agreed that the crippling unilateral sanctions imposed on Iran by the the United States and its allies must continue, until the Islamic Republic recalibrates its nuclear ambitions.

Both seem to have also adopted Israeli Prime Minister Binyamin Netanyahu's favoured refrain that "Iran must not be allowed to acquire a nuclear capability" and that such a capability constitutes a "red line" not to be crossed at any cost. Previously the inveterate refrain had been "Iran must not be allowed to acquire a nuclear weapon".

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My Comment: Iran will survive .... even if sanctions are expanded. But for the average person with minimal resources .... it is true that life in Iran is about to get harder.

Is Iraq Becoming Iran's Major Arms Supplier?

Is Baghdad Becoming Tehran's Military Weapons Pipeline? -- Forbes

Sale of weapons to nations who play both sides of international divides brings in much-needed revenue for the U.S. and other nations, but it also undermines the world order by empowering rogue regimes like Iran.

The porous border between Iraq and Iran, plus Iran’s considerable influence in Iraqi political and administrative circles, is ensuring that circumvention of U.N. and U.S. embargoes via Iraqi routes has become standard operating procedure for Tehran. Even the Obama Administration, which is notable for ratcheting up sanctions, acknowledges the cat and mouse game afoot as Tehran works nonstop to find ways of acquiring banned equipment and knowledge via its western neighbor.

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WNU Editor: McClatchy News has a good post on how smaller companies are being used to circumvent Iranian sanctions.

As Sanctions Continue, A New Diplomatic Push To Resolve The Iranian Nuclear Crisis

Iran's supreme leader, Ayatollah Ali Khamenei. Photograph: Reuters

New Diplomatic Push Aims To Defuse Iranian Nuclear Crisis -- The Guardian

Revamped package will offer limited relief from sanctions and other incentives for Iran to limit enrichment of uranium

Six global powers will launch a new diplomatic push after the US elections aimed at defusing the Iranian nuclear crisis in the next few months and avoiding the eruption of a new Middle East conflict next year.

A "reformulated" proposal will offer limited relief from existing sanctions and other incentives for Iran to limit the level of enrichment of its uranium stockpile. A new attempt will be made to sequence the steps required to reach a deal to overcome the mutual distrust that helped sink previous rounds of negotiations, where each side appeared to wait for the other to make the first major concession.

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More News On Iran

As sanctions bite, Iran's supreme leader may finally have to learn compromise -- The Guardian
Iran’s Supreme Leader Khamenei says EU support for sanctions is ‘foolish’ -- Washington Post/AP
Iran's Supreme Leader Calls EU Support for Sanctions 'Foolish' -- Voice of America
West Is Foolish to Celebrate Iran’s Rial Crisis, Ayatollah Says -- New York Times
Iran's Khamenei warns of government divisions after rial plunge -- Reuters
Iran's sea trade buckles under Western sanctions -- Reuters
Report Finds Iran Is Closer to Weapons-Grade Fuel -- Wall Street Journal
Think tank says Iran could make enough weapons-grade uranium for a nuke warhead in 2-4 months -- Washington Post/AP
Iran would need 2-4 months to amass bomb material - think tank -- Reuters

Iranians Are Being Warned Of Hyperinflation

Tehran Calm But Iran Merchants Fear More Currency Turmoil -- L.A. Times

Authorities keep a lid on protests, but analysts warn of hyperinflation, which could have dire consequences for consumers and the government.

TEHRAN — The black-market money changers are lying low these days here in Iran's capital, feeling the heat of a government that has singled them out for much of the blame in the free fall of the national currency, the rial.

"Money trading on the sidewalk has become like illicit drug trafficking," one trader, Asghar, said Sunday in a small shop near the British Embassy. "But it will not remain so." Asghar, like others interviewed, asked that his last name not be used, fearing arrest.

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My Comment: For a good analysis and explanation on Iran's currency crisis, CNN has a good analysis . For Iran's elite .... no surprise .... they have already "insulated" themselves from the crisis.

Iranians Are Being Warned Of Hyperinflation

Tehran Calm But Iran Merchants Fear More Currency Turmoil -- L.A. Times

Authorities keep a lid on protests, but analysts warn of hyperinflation, which could have dire consequences for consumers and the government.

TEHRAN — The black-market money changers are lying low these days here in Iran's capital, feeling the heat of a government that has singled them out for much of the blame in the free fall of the national currency, the rial.

"Money trading on the sidewalk has become like illicit drug trafficking," one trader, Asghar, said Sunday in a small shop near the British Embassy. "But it will not remain so." Asghar, like others interviewed, asked that his last name not be used, fearing arrest.

Read more ....

My Comment: For a good analysis and explanation on Iran's currency crisis, CNN has a good analysis . For Iran's elite .... no surprise .... they have already "insulated" themselves from the crisis.

Iranians Are Being Warned Of Hyperinflation

Tehran Calm But Iran Merchants Fear More Currency Turmoil -- L.A. Times

Authorities keep a lid on protests, but analysts warn of hyperinflation, which could have dire consequences for consumers and the government.

TEHRAN — The black-market money changers are lying low these days here in Iran's capital, feeling the heat of a government that has singled them out for much of the blame in the free fall of the national currency, the rial.

"Money trading on the sidewalk has become like illicit drug trafficking," one trader, Asghar, said Sunday in a small shop near the British Embassy. "But it will not remain so." Asghar, like others interviewed, asked that his last name not be used, fearing arrest.

Read more ....

My Comment: For a good analysis and explanation on Iran's currency crisis, CNN has a good analysis . For Iran's elite .... no surprise .... they have already "insulated" themselves from the crisis.

Would A ‘Total Embargo Scenario’ Collapse Iran's Economy?

‘The Iranian Economy Would Collapse Pretty Quickly,’ Under ‘Total Embargo Scenario’ Hinted At By U.S. Lawmakers -- National Post/Reuters

WASHINGTON — Lawmakers in the U.S. Congress are looking at ways to expand economic sanctions on Iran, measures that have helped push the country’s currency into free fall but have not yet pressured Tehran to abandon its nuclear program.

The proposals, still in the early stages of development, would aim to penalize foreign banks that handle any significant transactions with the Central Bank of Iran. Only oil-related transactions are now covered.

“We are seriously looking at additional policy options, including further closing the (Central Bank of Iran) to transactions and other measures designed to impact Iran foreign currency reserves,” an aide to Democratic Senator Robert Menendez said on Friday.

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My Comment: What is collapsing the Iranian economy is the Tehran's mismanagement of the economy through unrealistic subsidies/corruption/and government social programs. International sanctions have only expedited the situation.

Iran's Nuclear Offer Is Rejected By The U.S.

Photo: Iran’s plan was seen as a sign that Ayatollah Ali Khamenei was feeling the pressure. Caren Firouz/Reuters

Iran Offers Plan, Dismissed By U.S., On Nuclear Crisis -- New York Times

WASHINGTON — With harsh economic sanctions contributing to the first major protests in Iran in three years, Iranian officials have begun to describe what they call a “nine-step plan” to defuse the nuclear crisis with the West by gradually suspending the production of the uranium that would be easiest for them to convert into a nuclear weapon.

But the plan requires so many concessions by the West, starting with the dismantling of all the sanctions that are blocking oil sales and setting off the collapse of the Iranian currency, that American officials have dismissed it as unworkable. Nonetheless, Iranian officials used their visit to the United Nations last week to attempt to drum up support, indicating that the country’s supreme leader, Ayatollah Ali Khamenei, is finally feeling the pressure.

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More News On Iran's Nuclear Offer And It's Rejection

US rejects Iranian plan to diffuse nuclear crisis -- Jerusalem Post
US dismissed Iranian plan to resolve nuclear crisis -- YNet News
Report: U.S. rejected Iranian plan to end standoff over nuclear program -- Haaretz

My Comment: The Iranian government must be feeling the pressure if they are making these offers .... but the problem is that these offers have so many conditions to them that no one is going to take them seriously.

Iran's Currency Has Collapsed

Iranian Currency Plunges As Sanctions Bite -- Reuters

* Rial hits new record low against U.S. dollar
* Has lost about a third of value in past week
* Impact of Western sanctions seems to be growing
* Ahmadinejad insists country is coping
* Rejects criticism of his economic record

DUBAI, Oct 2 (Reuters) - The Iranian currency fell to a record low on Tuesday as the Islamic republic struggles under the impact of Western economic sanctions and nervous citizens rushed to change their savings into hard currency.

The Iranian government blamed speculators for the rial's collapse and ordered the security services to take action against them.

President Mahmoud Ahmadinejad rejected criticism of his policies and insisted the country could ride out the sanctions, imposed because of Iran's nuclear programme, after the rial lost about a third of its value in a week.

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More News On The Collapse Of Iran's Currency

Ahmadinejad Blames West, Opposition For Currency Plunge -- Radio Fee Europe
Iran rial: Mahmoud Ahmadinejad blames slide on 'enemies' -- BBC
Iran's rial hits an all-time-low against the US dollar -- BBC
Iran president: 'Psychological' blows hit currency -- Bloomberg Businessweek/AP
Iran rial plunges to record low -- Gulf News/Bloomberg
Iran's woes deepen as currency takes a beating -- Sydney Morning Herald
Iran targets speculators as currency continues to tumble -- Haaretz/Reuters
Plunging Currency Adds to Iran's Woes -- Voice of America
As currency plunges, more signs of unrest plague Iran -- Haaretz
Iran currency crisis: Sanctions detonate unstable rial -- Amir Paivar, BBC

Is Iran's Economy On The Verge Of Collapse?

Iranian Economy On Verge Of Collapse, Says Israel -- The Guardian

Sanctions creating great economic difficulties, says finance minister in a further indication that military action may be on hold.

Sanctions against the Iranian regime are pushing the Islamic Republic's economy into deep crisis, according to key Israeli officials in comments seen as a further indication unilateral military action may have been put on hold.

The Iranian rial fell 5% to an all-time low against the US dollar on Saturday, according to financial websites. The value of the rial has fallen by almost 57% since June last year, leading to big price increases for imported goods.

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More News On Reports That Iran's Economy Is On The Verge Of Collapse

Israel finance minister says Iran economy "on verge of collapse" -- Reuters
Israeli finance minister says Iran's economy 'on verge of collapse' -- Business Recorder
Iranian: 'Our money is becoming more and more worthless every day' -- NBC
Not-Crippling-Enough Sanctions? -- Ali Gharib, Daily Beast

How Iran Is Fighting Sanctions

Iran Looks To 'Resistive Economy' To Fight Sanctions -- Radio Free Europe

Iran's economy is under attack, and to counter the financial "warfare" being waged against it from abroad Tehran is developing a new weapon.

The "resistive economy" is intended to wean the country of its heavy dependence on oil revenue through fiscal belt tightening, increased industrial output, and the strengthening of science to boost technological innovation.

The initiative comes in response to international sanctions imposed over Iran's nuclear program that have hampered Iran's ability to conduct international trade and targeted its economic lifeline -- oil exports.

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My Comment: Here is a good article on how Iran is defeating sanctions.

Major British Bank Accused Of Aiding Iran In Conducting $250 Billion In Transactions

British Bank's Links To Global Terror: US Accuses Standard Chartered Of Laundering Billions For Iran And Hezbollah -- Daily Mail

* Standard Chartered is accused of dealing conspiring with Iran for a decade
* New York State Department of Financial Services called the bank a 'rogue institution' and the bank's Iran affairs had been a threat to global peace
* Sixty thousand financial transactions were cited as suspicious.
* Investigation quoted London-based executive saying: ‘You f***ing Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians?’

A UK bank hid £160billion of transfers that helped finance terror groups and Iran’s nuclear weapons programme, it was claimed last night.

In another devastating blow to the City of London’s reputation, Standard Chartered is accused of conspiring with Tehran for almost ten years.

Regulators in New York said it was a ‘rogue institution’ that broke sanctions imposed on Iran and put profits ahead of global security and the law.

It worked with three Iranian banks suspected of being used by Tehran to finance its weapons programmes, according to an explosive report.

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More News On Standard Chartered Accused Of Aiding Iran In the Laundering Of $250 Bullion

Standard Chartered Bank accused of scheming with Iran to hide transactions -- The Guardian
Regulator Says British Bank Helped Iran Hide Deals -- New York Times
Standard Chartered bank 'in $250bn scheme with Iran' -- BBC
Standard Chartered 'exposed US to terrorists' with $250bn in Iran transactions -- The Telegraph
Standard Chartered Hid 60,000 Transactions With Iranian Banks Worth $250B -- Forbes
Standard Chartered may lose New York license over Iran ties -- Reuters
Standard Chartered accused of hiding Iranian transactions -- Washington Post
Q&A: Standard Chartered scandal -- BBC

My Comment: The amount of money involved and the flagrant abuse of US law is staggering .... I am speechless.