Iran newspaper published a memo on Monday on Iran’s oil sale after US sanctions were resumed when Washington pulled out of the JCPOA. Here are some excerpts of the memo:
When former US President Donald Trump ceased Washington’s participation in the nuclear deal with Iran and claimed that his administration would bring Iran’s oil sale to zero, it was clear that the objective, instead of affecting figures related to oil exports, would make the decision-makers in Tehran determined to reduce the burden of politics on economy.
This was more than anything manifested in President Ebrahim Raisi’s remarks suggesting that Iran wasn’t waiting for a miracle in Vienna. He said that Tehran would be always pursuing to remove sanctions, but neutralizing the sanctions was of greater importance for Iran.
Iran’s Oil Ministry wouldn’t wait for a deal to be reached in Vienna to sell oil, the head of the ministry said on Sunday in the most sensitive period of the negotiations to revive the JCPOA, adding that they would complete oil projects through domestic banking capacities and foreign participation, instead.
This has two truths embedded in itself, as Iran has been struggling with the US sanctions for over four decades, so that Iranian politicians have had to develop policies to design a non-oil-based economy.
This was difficult in early stages, but it proved to be the right way when Iran faced the developments resulting from US’ lack of commitment with regard to the JCPOA.
This has resulted in a resistance economy strategy based on expanding non-oil exports and even selling oil products to neighboring countries with the intention of reducing external pressure on Iran’s once oil-dependent economy.
Raisi’s administration, on this basis, has adopted the approach of strengthening national capacities to serve its economic strategy based on extensive domestic investment and diversification of export portfolio.
Iran has also attempted to enjoy the capacity of regional organizations like Shanghai Cooperation Organization (SCO) and Eurasian Economic Union (EAEU), and also strategic partnership agreements with China to deepen its Asian foreign policy.
This way, while the US still sees sanctions as a good instrument to isolate Tehran, Iran is moving towards a good position to elevate its trade status in Asia and expand its influence farther in the continent by relying on its growing economy.
Under the economic diplomacy policy of Raisi administration, Iran has begun talks with its big Asian customers to sell its oil and minimize the consequences of extraterritorial punishments.
This has caused stunning signs of increase to be seen in Iran’s oil exports since the beginning of 2021, with Asian customers buying more Iranian oil through direct and indirect transactions.
The Joe Biden administration responded to the increase by demanding a raise in oil supply so that customers reduce their purchase of Iranian oil. But the strategy overlooked experts’ warning that this would have a short-term effect and in the long-run it would impact the US’ own economy.
Only two months later, oil prices set a new record and Biden administration had to ask big oil consumers like China, India and Japan to release their reserves to cut the prices. The request received little attention from those countries.
This should serve as a wake-up call for the US to realize that it must be more serious in rejoining the JCPOA after a failed maximum pressure policy against Iran.
This is even more eye-opening when they find that, as Iranian politician believe, there is nothing left for the US to slap sanctions against with regard to Iran.
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