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Stuart Holliday, president & CEO, Meridian International Center and former Ambassador to the U.N. for the Security Council, weighs in on the impac...
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-- at will.
What the sanctions imposed by both the US and the European Union are they worth the paper they're even -- For more -- joined by store holiday former ambassador to UN.
And president and CEO.
Of meridian international center thank you so much for joining us ambassador we appreciate it.
This story is is really amazing -- -- Fantastic reporters over Reuters who dug this up but they were able to track this oil.
That was sold by Iran to -- hall.
Which is a Swiss company.
They did everything they could disordered disguise the oil.
It was fuel oil they blended with other shipments apparently they turned off the track hers on these tankers but still.
The reporters were able to verify and follow the oil to be sold to an eastern buyers so.
What good are the sanctions I have to wonder.
First of all quite remarkable the -- that this sort company went to the try to.
Obfuscate what they were doing.
The sanctions are having an effect that you -- -- Nearly 40% drop in in oil exports you've got -- devaluation of the currency.
That -- sanctions are very hard to enforce universal way in this company court seeking to use a loophole.
In that Switzerland -- not forced to comply with the EU sanctions regime.
But I think this heat is on -- appear to be backtracking and at this point I'm not sure there's an actual buyer for these two million barrels.
Well I mean I know that they were in the reports say they were struggling -- price at first they were trying to sell it's like a thirty dollar creamy and today benchmark in Singapore.
Eventually -- I -- big media deal at about fourteen dollars.
I anyone really being that if we know about this one -- that the reporters were able to finance.
There's got to be a lot more than that out there so -- history.
You know -- really trying to put the stranglehold on -- to get them to stop developing nuclear weapons.
It seems like there's enough people working against us on that front we tried to do it in this manner.
Well -- and they always used to say that it's the threat of sanctions that is more important -- the sanctions themselves of course these are political gestures at the end of the day.
But in this case you have certain large countries that are outside of the sanctions regimes you know the three layers the -- UN the United States the -- and then.
The bilateral sanctions and so you're always gonna have these attempts but I think that the the efforts to kind of our focus on uncovering be you know the people would try to -- the sanctions are quite remarkable in this case and that we need to keep the heat on.
Yes I mean the -- CEO Ian Taylor is originally from England I don't know if he is still a citizen.
One of the ways in which -- you know a lot of these sanctions are gonna be held in place was by virtue of the insurer.
All of these tankers are insured I think 95%.
Of them in London.
And I just you know you would hope that as a result this company -- tall would not be able to insurer.
Whatever shipments have bought back I feel like they're gonna find a way around that as well -- and he did so many other things in this case it seems from their reports to hide what they were doing anything.
-- do I also think there's a new round of votes sanctions negotiations taking place that are gonna give.
The US the ability took to sanction any company that's -- course dealing with.
On the financial facilitation of these oil.
Transfers and go after the -- again this would represented as a huge company in this represents a pretty small percentage.
Of their revenue and so to put their whole business at risk as a result of this and -- -- also to be political pressure.
On its on the Swiss government by the EU the -- French and the Germans to get them -- kind of close this this loophole and it's always going to be an uphill climb in sanctions or perfect.
But right now they appear to be having some effect.
You don't.
We're talking about this today because of course the Iranian President is here in New York making his speech in front of the UN at the same time -- watching that.
We're reading about.
You know Iran being able to sell this oil and it makes Americans and our viewers feel like we're not getting any traction.
On the front of trying to slow down Iran.
From getting nuclear capability what do you think is the best thing that the US and UN could do right now that we're not do it.
Well Ahmadinejad of course is a lame duck and -- in any event of the the theocracy though the -- in Toronto the ones that really control.
The future of the country and they don't appear to be.
Weakening -- -- now their position so I think that we really have to.
And of course continue these sanctions -- them -- but really draw.
What I would say would be a very clear.
Parameter without tying our hands tactically from a military staple of what's it look.
The United States is going to stand.
Along with our allies and put a timeframe -- time limit on this.
And really force.
Iran in compliance with the IAEA regulations.
-- the consequences would be really you know detrimental for ran in the in the economy and perhaps take a military course.
-- it feels like we're not having an impact that's where we're talking about all these things tonight thank you so much ambassador for coming on it.
