Saturday, January 21, 2012

China, India brush aside Iran oil ban


The permanent representatives of China and India to the United Nations say the US-led sanctions on Iranian oil sector are neither logical nor economically viable.

Chinese Ambassador to the UN, Li Baodong said that US officials should reconsider their move on sanctioning Iran's oil sector since these requests are irrational and contrary to other nations' interests.

Li added that the US should not expect any country to act against diplomatic and commercial rules and put Washington's interests ahead of its own.

He emphasized that an embargo on Iranian oil will not be constructive and will only have a negative impact on negotiations between Iran and the five permanent members of the UN Security Council -- Russia, China, Britain, France and the US -- plus Germany (P5+1).

Meanwhile, India's Ambassador to the UN, Hardeep Singh Puri praised friendly and all-out political and commercial relations between Iran and India and said such sanctions cannot affect Tehran-New Delhi ties, especially the duo's economic relations.

Singh Puri added that India is determined to expand political and economic ties with its allies including the Islamic Republic of Iran.

On December 31, US President Barack Obama signed into law fresh economic sanctions against Iran's Central Bank in an apparent bid to punish foreign companies and banks that conduct business with the Iranian financial institution.

The bill requires foreign financial firms to make a choice between doing business with Iran's Central Bank and oil sector or with the US financial sector. The legislation will not go into effect for six months to allow buyers of Iran's oil to find alternative suppliers.

The US and EU accuse Iran of pursuing a military nuclear program and have used this as an excuse to get the UN Security Council to impose four rounds of sanctions against the country.

Tehran insists that as a signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it is entitled to utilize nuclear energy for peaceful purposes.  

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