World prepares for US sanctions on Iran

Iranians monitor the stock market at the stock exchange in Tehran on May 8, 2018. Renewed nuclear sanctions would certainly cause severe problems for Iran's economy, but much of the damage has already been done by the uncertainty created by the US and myriad home-grown problems. (AFP / ATTA KENARE)
Updated 12 May 2018
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World prepares for US sanctions on Iran

  • Global shipping companies, traders, insurers and banks look at pulling the plug on business with Tehran after Donald Trump’s decision to reimpose sanctions on Iran.
  • Reuters cites sources at global trading companies predicting an imminent drop in Iranian exports due to banking issues, such as availability of trade finance.

LONDON:  US President Donald Trump’s decision to reimpose sanctions on Iran is forcing global shipping companies, traders, insurers and banks to look at pulling the plug on business with Tehran, it emerged yesterday.

Swiss-headquartered private shipping group MSC said it would “comply with the (sanctions) timetable set out by the US government.”

Denmark’s Maersk Line said it had ceased acceptance of the specific cargoes blacklisted by the US Treasury this week.

On May 9, President Donald Trump broke with his European allies to announce US withdrawal from the international nuclear agreement with Tehran brokered by President Obama. Trump disclosed a phased reimposition of punitive sanctions, which will further damage an already weakened Iranian economy.

Among other things, Washington is imposing sanctions on the direct or indirect sale, supply, or transfer to or from Iran of graphite and raw or semi-finished metals such as aluminium and steel, and coal, Reuters reported. The US will separately re-impose sanctions on the provision of insurance and reinsurance.

Reuters cited sources at global trading companies predicting an imminent drop in Iranian exports due to banking issues, such as availability of trade finance.

A potential decline in oil volumes due to the sanctions could add to upward pressure on oil prices, which have gained almost 20 percent to around $78 per barrel since January. 

The price rise has also been bolstered by a decision by OPEC and Russia to cap production to reduce inventories that had built up during the boom that came to a halt in 2014.

Middle Eastern oil-producing countries have benefited this year from rising oil revenues, giving them headroom to increase spending to stimulate economies that faced austerity in the wake of the collapse of the crude price four years ago. 

Saudi Arabia’s first-quarter statement revealed increased government spending and a jump in central government receipts from new taxes, including VAT.


How Meir Kahane’s toxic legacy poisoned the Palestinian peace process

Updated 22 April 2019
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How Meir Kahane’s toxic legacy poisoned the Palestinian peace process

  • Brooklyn-born rabbi who demanded forced emigration of Arabs and inspired Israel’s far right is latest subject of Arab News ‘Preachers of Hate’ series
  • As a member of the Israeli parliament, Kahane proposed laws to strip Arabs of citizenship and force their emigration

JEDDAH: As Israel’s most right-wing government in living memory prepares to take office, the outlook for the Palestinian-Israeli peace process has rarely been more dismal.

After his narrow election victory this month, Prime Minister Benjamin Netanyahu is clinging to office by assembling a coalition of Knesset members with no interest in peace. They range from far-right ultra Zionists to overt racists. Many, in particular the Otzma Yehudit, or “Jewish Power” party, are acolytes of Meir Kahane — a Brooklyn-born rabbi who co-founded the militant Jewish Defense League in 1968,  joined the West Bank settler movement and established an extremist Israeli political party.

It is because of this toxic legacy that Kahane is the subject today of Preachers of Hate — the Arab News series that exposes extremist clerics of all religions and nationalities, places their words and deeds in context, and explains their malign influence on those who follow them.

As a member of the Knesset, Kahane proposed laws to strip Arabs of citizenship and force their emigration. 

In the end he proved too extreme even for the Israeli far right; he was disqualified from running for office, and was eventually assassinated in New York in 1990.

Kahane’s hatred lives on, however, in Israel’s continuing rejection of the Palestinian people’s entitlement to basic human dignity, far less a meaningful peace process and an independent state.

As the leading academic and Arab News columnist Yossi Mekelberg writes today: “Few people have contaminated the discourse within Israel with sheer hatred and anti-Arab bigotry as much as Meir Kahane.”

 

Also Read: Meir Kahane: A torch to fuel anti-Arab hatred