link to english.aljazeera.net

Quote: Russia has blasted new unilateral EU sanctions on Iran as “unacceptable”, saying the measures undermine international efforts to rein in the Islamic Republic’s nuclear programme.

EU foreign ministers formally adopted new sanctions on Monday on Iran’s key energy sector, with Canada following suit, in a bid to push Tehran into talks on its nuclear programme.

“This not only undermines our joint efforts to seek a political and diplomatic settlement around Iran’s nuclear programme, but also shows disdain for the carefully calibrated and coordinated provisions of the UN Security Council resolutions,” the Russian foreign ministry said in a statement on Tuesday.

Russia also “categorically rejects” any attempts to use sanctions against companies and individuals from third countries who are “conscientiously carrying out the demands of UN Security Council resolutions,” it said. Unquote

That said, two comments on this piece

1. I found the comments about the Nixon – Kissinger strategy to let the price of oil rise before the October 1973 Middle East War especially interesting (and the rationale for doing so convincing). I was aware of the `deal’ that Kissinger had fashioned with the Saudis in the aftermath of that war – higher oil prices in exchange for Saudi promises to keep the oil flowing, to promise to work to keep oil prices down and to `recycle’ oil profits to the West in the form of military sales, construction projects (in Saudi), investment in Western financial institutions and the like. I consider that `deal’ one of shrewder initiatives taken the United States in those years …and the framework of that agreement remains largely in place today. What I didn’t realize was the degree to which these policies were already in place before the 1973 War… so that was interesting
2. While I do not particularly agree with the tone of the first reply… I was surprised to read how stable you consider Iran in the face of the sanctions. My impression from what I had read has been that it has seriously undermined the Iranian economy – most particularly its energy sector which has not been able to modernize as a result. I should like to read more about the economic consequences presented here.
Thank you. Interesting piece.

I would hope that the integration of the European Union would have reached a level by 2050 that breaking out individual countries such as my own (Germany) doesn’t really make sense.

Already I think the euro zone should be considered as one fully consolidated economy. After all within this zone we have essentially no borders, full economic mobility and freedom as well as the same currency.

No offense meant, but it feels to me that US observers often seem to be a ignorant of this development and the level of economic integration that has already been achieved.