Vitoil Says No One's Going to Get Past US Sanctions on Iran

[dowmike + 37]

Bloomberg is quoting Vitol as saying that no one will be able to get around the US sanctions on Iran, but I'm not entirely sure what they mean here because I suspect plenty will be getting waivers. 

The world’s top oil trader said it will be near impossible to avoid U.S. sanctions on Iran, suggesting Donald Trump’s attack on OPEC’s third-largest producer may have a bigger impact on the global crude market than many anticipate.

“For us it’s a real challenge,” Vitol Group Chairman Ian Taylor said on Friday at the St. Petersburg Economic forum, adding there are unanswered questions about Europe’s response, and whether the European Central Bank will “stand up” to Trump’s measures. "I personally think none of us will be able to get around it.”

https://www.bloomberg.com/news/articles/2018-05-25/world-s-top-oil-trader-says-no-one-will-avoid-iran-sanctions

[Guillaume Albasini + 851]

I'm pretty sure they are wrong.

To get around the sanctions you only need political courage... or smart financial engineering.

 

Iranian oil exports to China, India or Turkey were not really affected by the previous round of sanctions (before Ihe Iran deal was signed). Exports to Japan and South Korea were partially affected. Only the european countries and South Africa suspended imports of iranian oil. But then the EU was supporting the sanctions.

Now the EU is against the sanctions and is decided to support the Iran deal..

Thore who flee Iran afraid by the US sanctions are just lacking political courage and smart thinking.

 

[Rodent + 1,424]

I believe insurance is going to be a thorn in the side of anyone wishing to buy Iranian crude oil.