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  1. Hi,

    First of all, two corrections: Norway has signed up and implemented into law all UN and EU sanctions against Iran, Greenland is a legal subject of Denmark and as such is covered by the EU sanctions. If memory serves me right, South Korea has also sgined on to the UNSC sanctions and implemented them into law.

    What this graph fails to appreciate, however, is how parts of the sanctions in relity has been outsourced to banks. Most international banks, be that in the Gulf, in South-Korea, Japan etc. have stopped all transaciotns in Euro and Dollars or transactions alltogether to/from Iran. It now even seems like Chinese banks can not do transfers to/from Iran (at least not in any convertible currency).

    This creates enormous problems for Iran, and is a new phenomenon in the history of international sanctions. And it has removed the need for political buy-in to the sanctions in large parts of the world.

    Whether its has any effect in relation to the goal of changing the Iranian leaderships’ view on the nuclear program is another matter. But as an isolated policy tool the financial sanctions has effects way beyond the letter of the law and its political buy-in outside the EU and the US.

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