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Europe's Losing Game

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Iran's "powerful and oil sanctions imposed by European countries will only harm the European Union because Iran can easily prove its oil supremacy in the Middle East region."

MP Nasser Soudani said "Europe will burn in the fire of Iran's oil wells....the structure of (Europe's) refineries is compatible with Iran's oil," so what's their alternative.

Moreover, expect oil prices to spike. Economic damage will follow. Weak EU nations will crater. Policy makers behind this scheme should be fired and replaced.

It gets worse. On January 28, Soudani said Iran's Majlis (parliament) Energy Committee finalized a bill to "halt all oil exports to European countries as long as they continue to ban oil imports from Iran."

Moreover, another clause forbids importing goods from countries imposing sanctions. If adopted, EU oil shipments may end in days. Vital supplies will be lost. Rogue EU countries will be left high and around 20% dry. 

Sanctions cut both ways. Iran's extracting its own price. Going along with America is misguided. Policy makers in other countries know better. China's Foreign Ministry said "blindly pressur(ing) and impos(ing) sanctions on Iran are not constructive approaches."

Turkey's Foreign Minister Ahmet Davutoglu said:

"We have very good relations with Iran, and we are putting much effort into renewing Iran's talks with the 5+1 (the five permanent Security Council members plus Germany) mediators' group. Turkey will continue looking for a peaceful solution to the issue."

Too bad Ankara isn't like-minded on Syria and wasn't firm against join NATO's anti-Libyan alliance. As a result, its credibility falls short.

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