French Scholar: Iran Oil Embargo Bears Opposite Results

Tehran, Jan 29, IRNA - French scholar and researcher in the Paris Strategic and International Relations Institute Thierry Coville said on Saturday Iran oil embargo bears opposite results. He described the European Union oil ban on Iran as ineffective and said the sanctions will not weaken Iran’s domestic, regional and international positions but will on the contrary reinforce its position. Coville said the sanctions will not have much negative effects on Iran’s economy as EU expects because Iran’s oil export to Europe is about 20 percent of its total exports and therefore sanctions will only lead to a hike in oil prices on international markets. He said issues such as improvements of US economic indexes, probability of the closure of Hormuz Strait and signs of boost in Saudi Arabia's oil export capability to meet the needs of international oil markets will make the oil market critical and increase the prices. The researcher was of the view that the EU would not succeed in convincing some Asian countries such as South Korea, China and India to join its sanctions against Iran. These countries' need for Iranian crude oil will not let them join EU embargo and that they are sure that sanctions will not help solve Iran’s nuclear issues, he said./end