Europe Not Buying Oil from Iran
By Micah Halpern
Wednesday February 6, 2019
I've Been Thinking:
Iran is trying to understand why European nations have not started to buy their oil.
In November, eight European nations received an official waver from the United States permitting them to buy oil from Iran. None of them have taken advantage of their waivers.
Fars, an official Iranian news agency, posted the comments of Bijan Zanganeh, Iran's Oil Minister. He said that they have been in contact with the Europeans and there has been no movement or interest. "[W]e have called them many times, but they do not return our calls." He was probably referring to Greece and Italy.
There are several interesting lessons that we must learn from this.
First, US sanctions are hurting Iran. Second, the countries that get permission to trade with Iran are still reluctant to do so because of feared backlash from the United States.
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