Financial sanctions by US on SL likely-report

24 March 2012 06:53 am - 11     - {{hitsCtrl.values.hits}}

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Sri Lanka is among eleven countries which may be subjected to American financial sanctions for failing to cut on oil imports from Iran, Russia Today newspaper revealed.

The US State Department has revealed the list of 12 countries including Sri Lanka. The number of countries was mentioned earlier on Tuesday, as Washington announced a penalty waiver for Japan and 10 EU counties which complied with American demands and reduced their purchases. However, the names of the countries were not given.

Four of the countries on America’s anger list are among top 100 buyers of Iranian crude. They are China, India, South Korea and South Africa, with the first two being the two largest buyers.

Also targeted by possible financial sanctions are Indonesia, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan and Turkey.

US President Barack Obama may order banks based in those countries and involved in oil trade with Iran to be cut off America’s financial system. On the other hand, he may exempt some of them from sanctions, if US national security demands it. So America’s allies like South Korea or Pakistan may dodge repercussions.

Meanwhile China on Thursday slammed America’s pressure on Iran’s trading partners following the exemption of Japan and European countries from penalties. The People’s Daily, the official newspaper of the ruling Communist Party, called the US policy misguided and selfish.

"One stand-out feature of unilateralism is this: that one's own rules become the world's rules. Everyone must respect them, and if you don't, then you will be punished," the paper said in a commentary.

The US is campaigning to cripple Iranian oil export as part of pressuring it into stopping uranium enrichment. In January the EU joined the sanctions with a six-month grace period, while Japan adopted a policy to reduce imports from Iran. Western countries say the Islamic Republic may be trying to build a nuclear weapon under the guise of its civilian nuclear program.

Tehran rejects the allegations. Some counties including UN Security Council members Russia and China say no evidence of such intension is available and oppose economic sanctions against Iran, saying they fail to resolve the problem.

The uncertainty of the situation over Iran has resulted in world oil price gradually climbing over the months. The IMF warned this week that if the flow of crude from the country is abruptly cut, the resulting price shock would deal a serious blow to the global economy.

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  Comments - 11

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  • Wimal Sunday, 25 March 2012 02:12 AM

    Whats to be done; if it comes to worst, I will give my wife to them even and get rid of it. Though I asked my supporters to avoid KFC etc I had my lunch today in KFC. hoo....

    kaputakukula Saturday, 24 March 2012 07:21 AM

    The GAME to begin!!!
    Mer....wyn.............. Where are you Isay????

    Hafshaq Saturday, 24 March 2012 07:48 AM

    "This country was founded by a group of slave owners who wanted to be free! So they killed a lot of white English people in order to continue owning their black African people, so they could wipe out the rest of the red Indian people, in order to move west and steal the rest of the land from the brown Mexican people, giving them a place to take off and drop their nuclear weapons on the yellow Japanese people. You know what the motto for this country ought to be? 'You give us a color, we'll wipe it out.'"

    George Carlin.

    kan Saturday, 24 March 2012 08:00 AM

    USA- selfish, the promoter of terrorism and enemy of the prospering countries.

    RAJU Saturday, 24 March 2012 07:44 AM

    BAD SIGNAL TO SRILANKA,

    dutugamunu Saturday, 24 March 2012 08:07 AM

    double standard !!!

    Prassa Sunday, 25 March 2012 07:16 AM

    Maya do you have any idea what a Sanction on the financial system is ????????? dont talk like an idiot ! it is a much serious issue....please dont misdirect ignorant people,google and learn without

    Gemini Saturday, 24 March 2012 04:02 PM

    We should continue to buy oil from the Iran in-spite of Amarican Sanctions.Who cares USA?

    maya Saturday, 24 March 2012 04:31 PM

    Hey bring it on... For a few millions we get x100 from China and Others. we dont need ur money.... We will b better off without u.. the US....

    Shelton Fernando Saturday, 24 March 2012 04:17 PM

    Whatever it is, its better to avoid a US sanction. We will be bankrupt otherwise and we will have problem with the financial system internationally.

    alex Saturday, 24 March 2012 04:32 PM

    oh wimal ........................

    your ideas please !!!!!!!!!!!!!!!!!1


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