Killing Iran's Energy Industry

An incremental approach to sanctions can beat back Iran's nuclear aspirations without spooking the oil market.

BY MARK DUBOWITZ

The Reserve Bank of India has opened up a major new front in the global effort to tighten the economic screws on Tehran. Under pressure from the United States, the Indian central bank last week blocked domestic buyers of Iranian oil from making payments through the Asian Clearing Union. But further measures, and time for them to work, will still be needed to convince Iran to abandon its nuclear weapons program.
While oil sales to India can still clear through commercial banks, they will be more transparent, subjecting them to scrutiny under financial sanctions laws enacted by the U.S., the ...


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