Western sanctions won’t work; Iran, Venezuela and China benefit
Tom KirkmanIndependent Project Manager
Knee jerk Western sanctions against Russian oil won’t work.
– China benefits.
– Iran likely will soon benefit, massively.
– Venezuela likely will soon benefit, massively.
The current U.S. administration which has deliberately hamstrung and beat down the domestic U.S. oil & gas industry, now wants to pivot to buying Iranian and Venezuelan oil.
The fruits of blocking the Keystone XL oil pipeline from Canada on day 1 in office will now benefit countries that want to see the U.S. destroyed. This is *not* “accidental”.
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“… Russian oil giant Surgutneftegaz (Surgut) has allowed Chinese buyers to receive oil without providing guarantees known as letters of credit (LC) in order to bypass Western sanctions, Reuters reported citing three people with knowledge of the matter said.
A letter of credit, which allows 30 days for payment and is backed by a bank, is seen as the strongest guarantee for both sides.
… To get round the restrictions, Chinese companies are using open accounts that allow the customer to buy goods on a deferred payment basis, with a requirement to pay in full up to three days after the cargo is loaded. …”