The Trump administration, in carrying out plans to blockade the Iranian economy, may end up falling into a financial and legal trap themselves.
On November 5th, unilateral sanctions against Iran were put in place by the US. The punitive measures reinstated by the current administration target 700 individuals, banks, aircraft, ships and companies tied to Iran’s energy and financial industries and institutes operating with the Central Bank of Iran. The international financial messaging system SWIFT announced the suspension of several Iranian banks from its service.
Mike Pompeo says Iran must listen to U.S. “if they want their people to eat” https://t.co/T3ARqujEkH pic.twitter.com/MRivXTQM0O
— Newsweek (@Newsweek) 9 de novembro de 2018
Necessary everyday goods and life-saving medicines were also affected by the ban.
The curious thing about the situation is that the Trump administration included scrapped Boeing 747s, a bank that closed years earlier and a sunken Iranian oil tanker that exploded near China months ago in their the “largest-ever” sanctions list.
🔴 DID YOU KNOW THAT the U.S. has included Iran’s #Sanchi oil tanker on its list of anti-Iran sanctions, while the tanker sank 14 January 2018!? pic.twitter.com/QFStyuwzxd
— Press TV (@PressTV) 5 de novembro de 2018
However, in the face of these restrictive measures, Iran has made the best of a bad situation and even managed to strengthen its position on the global stage. Iran made connections with 9 countries that got the green light from the US to continue buying an Iranian oil.
In addition, the EU announced that a special clearing house, also known as a special purpose vehicle (SPV), would be set up in Europe within months. This new financial instrument will allow European companies that trade with Iran bypass the U.S. bank sanctions.
On top of all of this, Iran has developed its own national cryptocurrency that will soon be launched and used for financial exchanges. It can help to evade the bank sanctions imposed by the US.
In order to neutralize the US medical embargo, Iranians have managed to replace the life-saving drugs imported from the US by producing their own medicines.
Iran Produces Anti-Cancer Drug to Neutralize US #Sanctionshttps://t.co/IVo9U9Rg2x pic.twitter.com/j178yTxAlP
— Iran Front Page (@IranFrontPage) 10 de novembro de 2018
Iran is thus sticking to its guns and responding on all fronts to US economic pressure.
But, the most important battle has yet to be fought. Iran has already presented a complaint to the UN Secretary General, pointing out that in imposing sanctions, Washington violated the UN Charter and Security Council resolution. Tehran also sent a complaint to the International Maritime Organization (IMO) against the US over illegal bans on scores of Iranian ships. Iran pointed out that the US’ punitive shipping measures violate international maritime law and endanger maritime security. Iran also called on the IMO to conduct a “special review” of the matter.
All the above considered, it is expected that the Trump administration will have to answer for their unconscionable actions against Iran not only at Congress sessions, but also in court.
There is a strong possibility that Iran is preparing for another battle for ‘Justice’ in the International Court of Justice (ICJ), and it has quite a few arguments in its favor. Whereas the summer court hearings in the Hague against the US withdrawing from the nuclear deal and violating the Treaty of Amity ended in the plaintiff’s favor, it is not difficult to imagine that Tehran will be able not only to fend of Washington’s attacks at the ICJ but also to lure them into a financial trap, demanding compensation for the punitive measures.
-All reimposed US sanctions violate UN Security Council Res 2231.
-Intention to starve civilian population is crime against humanity.
-ICJ already refuted @SecPompeo‘s claim on humanitarian exemptions.
-Western media’s factual accounts & attached letters show who’s lying. pic.twitter.com/dFEziLsvOM— Javad Zarif (@JZarif) 12 de novembro de 2018
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