More Early Evidence of Sanctions’ Success

Matthew Green — July 28, 2010 – 9:22 am | Iran | Obama Comments (0) Add a comment

New evidence this week indicates that sanctions against Iran have begun to make a significant impact. The Islamic Republic has received only three cargoes of gasoline in the past month—far below the 11-13 cargoes it needs to sustain the summer driving season. As reported by Reuters,

Iran is the world’s fifth-largest crude exporter, but has to import around 40 percent of its gasoline needs because it does not have enough domestic refining capacity.

The article emphasized that international sanctions targeting the Iranian oil industry are a specific cause for the shortage currently facing Iran.

In addition, Lloyd’s of London, an insurance provider with a powerful stake in the marine insurance sector, said it would deny insurance to any ship going to Iran. The decision by Lloyd’s adds another key element to the effort against the nuclear weapons ambitions of Iranian President Mahmoud Ahmadinejad.

Clearly, doing business with Iran is starting to come at a price.

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