by ROCKMAN » Fri 04 Apr 2014, 21:58:45
"Iran would ship oil to Russia." Not necessarily. The Russians just buy the title to oil sitting at the Iranian terminal. Oil has an ownership title just like your car. Then the Russians can sell the title to THEIR OIL sitting in that Iranian tank farm to, let's say, the French company Total. So Total contracts a tanker company to haul THEIR OIL from Iran to France. Or to England if Total decides to sell it to the Brits. Wire transfers of oil titles have been around for a long time. And guess what: Total can sell THEIR OIL to the Shell Norco refinery in Louisiana. After all, there is no sanction restricting the French company from selling THEIR OIL to a US refinery. But, of course, the sh*t would hit the diplomatic fan if that went down. But if the oil goes to a French tank farm, mixed with oil from Nigeria, Equatorial Guinea, etc. And then some oil is shipped from there to a US refinery...where did that oil one from? I believe the operative word is fungible.
And those sanctions about Iran's nuke program: Six world powers (the so-called P5+1 -- the United States, China, Russia, Britain, France and Germany) and Iran have reached a deal on the framework for comprehensive negotiations over Tehran's nuclear program. But as punishment for Crimea Russia has been unfriended by the rest of the P5+1 and not allowed at their last slumber party. So perhaps Russia considers their pledge is now void. The rest of the P's might not agree but what are they going to do to Russia...double unfriend them? LOL.