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(Wall Street Journal Europe) Editorial - Just a month after President Obama signed the Iran Sanctions Act into law, the new restrictions appear to have gotten Tehran's attention. Gasoline imports into the Islamic Republic fell nearly 50% in July from May. The problem is that although sanctions have forced many Western companies to stop doing business in or with Tehran, other firms are already attempting to fill the breach. A report released Thursday by the Washington-based Foundation for Defense of Democracies identifies 18 companies that continue to have substantial energy operations in Iran. They include Russia's Gazprom, China's Sinopec, Venezuela's PdVSA, Turkey's Tupras, and India's Oil & Natural Gas Corporation. The report also lists Western giants such as Germany's ThyssenKrupp, which remains involved in Iran's refining and petrochemical sectors, and the Linde Group, which supplies LNG technology to support Iran's natural gas developments. One useful step the Obama Administration and its European partners could take to give the sanctions more bite is to fine companies that continue to violate the sanctions act. 2010-08-06 09:13:44Full Article
Double Down on Iran Sanctions
(Wall Street Journal Europe) Editorial - Just a month after President Obama signed the Iran Sanctions Act into law, the new restrictions appear to have gotten Tehran's attention. Gasoline imports into the Islamic Republic fell nearly 50% in July from May. The problem is that although sanctions have forced many Western companies to stop doing business in or with Tehran, other firms are already attempting to fill the breach. A report released Thursday by the Washington-based Foundation for Defense of Democracies identifies 18 companies that continue to have substantial energy operations in Iran. They include Russia's Gazprom, China's Sinopec, Venezuela's PdVSA, Turkey's Tupras, and India's Oil & Natural Gas Corporation. The report also lists Western giants such as Germany's ThyssenKrupp, which remains involved in Iran's refining and petrochemical sectors, and the Linde Group, which supplies LNG technology to support Iran's natural gas developments. One useful step the Obama Administration and its European partners could take to give the sanctions more bite is to fine companies that continue to violate the sanctions act. 2010-08-06 09:13:44Full Article
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