Results for: Sanctions on Iran

A high-ranking U.S. official has issued a warning to businesses considering ventures with Iran, highlighting the potential for sanctions imposed by the United States. Deputy Spokesperson of the U.S. State Department, Vedant Patel, emphasized the importance of understanding the associated risks, while acknowledging Pakistan’s autonomy in determining its foreign policy pursuits. This warning came in response to inquiries regarding the recent visit of the Iranian president to Pakistan, during which the two nations signed eight Memoranda of Understanding (MoUs) and pledged to elevate bilateral trade to USD 10 billion. The U.S. warning follows recent sanctions imposed on suppliers to Pakistan’s ballistic missile program, including entities from China. Patel clarified that these sanctions targeted entities involved in the proliferation of weapons of mass destruction and their delivery systems, especially companies based in China and Belarus.

The White House is grappling with a difficult choice this summer concerning sanctions on Iranian crude oil exports. The falling price of U.S. crude oil below $81 a barrel, its lowest level since March, has eased concerns about a supply shortage. The House of Representatives passed legislation broadening sanctions to include foreign entities processing Iranian oil, with the Senate likely to vote soon. However, President Biden has the authority to waive penalties if he deems it necessary for national security interests. Experts believe the White House will face a ‘tough choice’ in implementing sanctions due to concerns about high oil prices ahead of elections.