{"id":35666,"date":"2018-07-02T16:16:46","date_gmt":"2018-07-02T21:16:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35666"},"modified":"2018-07-02T16:16:46","modified_gmt":"2018-07-02T21:16:46","slug":"turkey-and-india-have-leverage-in-trumps-iran-sanction-war","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35666","title":{"rendered":"Turkey and India Have Leverage in Trump\u2019s Iran Sanction\u00a0War"},"content":{"rendered":"
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Turkey and India Have Leverage in Trump\u2019s Iran Sanction\u00a0War<\/a><\/h3>\n<\/header>\n
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Both India and Turkey have said they will defy President Trump\u2019s call for them to stop buying Iranian oil once the U.S. reapplies sanctions in November.\u00a0 That isn\u2019t really news.<\/p>\n

Both of them defied the Obama administration in 2012, albeit in different way. Turkey changed its banking rules to monetize gold and used its gold reserves as a means to launder Iranian oil payments for third parties through its banking system.<\/p>\n

India bypassed cutting off Iran from the U.S. dollar by beginning a goods-for-oil swap program.<\/p>\n

Today, however, the geopolitical background is far different.\u00a0 Today, Iran can and does list its oil for sale in Shanghai\u2019s futures market payable in Chinese Yuan.\u00a0 Turkey can recycle its Yuan it receives from its large trade deficit with China to up its purchases of Iranian oil if need be.<\/p>\n

But, more importantly, both India and Turkey have geopolitical freedoms they didn\u2019t have in 2012.\u00a0 I have covered the Turkey angle on this at length.\u00a0 India, on the other hand, I haven\u2019t.<\/p>\n

Iran has become Turkey\u2019s biggest oil importer<\/a>.<\/p>\n

Turkey, a NATO ally, is dependent on imports for almost all of its energy needs. In the first four months of this year, Turkey bought 3.077 million tons of crude oil from Iran, almost 55 percent of its total crude supplies, according to data from Turkey\u2019s Energy Market Regulatory Agency (EPDK).<\/strong><\/p>\n

President Recep Tayyip Erdo\u011fan last year said Turkey was looking to raise the volume of its annual trade with Iran to $30 billion from $10 billion.<\/p><\/blockquote>\n

And it doesn\u2019t look like this will change with Trump\u2019s sanctions.<\/p>\n

With President Erdogan winning re-election he now goes into the NATO Summit with Trump on July 11-12th with a lot of leverage.\u00a0 Erdogan has openly courted Russia on energy supplies.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Turkey and India Have Leverage in Trump\u2019s Iran Sanction\u00a0War Both India and Turkey have said they will defy President Trump\u2019s call for them to stop buying Iranian oil once the U.S. reapplies sanctions in November.\u00a0 That isn\u2019t really news. Both of them defied the Obama administration in 2012, albeit in different way. Turkey changed its […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,7844,1997,422,441,553,694,776,818,827],"class_list":["post-35666","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-donald-trump","tag-economic-sanctions","tag-india","tag-iran","tag-nato","tag-russia","tag-syria","tag-turkey","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35666"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35666\/revisions"}],"predecessor-version":[{"id":35667,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35666\/revisions\/35667"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}