January 23rd, 2012
08:43 AM ET

Why European Union sanctions hurt

CNN reports:

European Union foreign ministers imposed fresh sanctions on Iran Monday, British Foreign Secretary William Hague said.

The sanctions come because of Iran's "defiance of six U.N. Security Council resolutions and its refusal to enter negotiations over its nuclear program," Hague said in a statement from Brussels, Belgium.

The chart above from WSJ gives you a sense of why this really hurts.

 

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Topics: Iran • Oil

soundoff (12 Responses)
  1. Natnael LETTA

    I always think that how far the bunch of sanctions would hurt not the economy but the fond of nuclear program . I think that is the main thing everyone should consern about .

    January 23, 2012 at 9:29 am | Reply
  2. j. von hettlingen

    If ever China and Africa decided not to join the international chorus of sanctions on Iran, their business make up less than 28% (24,1%+3,5%) of Iran's oil export. Hence the united efforts of the others will no doubt hurt Iran's oil-economy. Unfortunately the ordinary Iranians have to bear the brunt of this power-game.

    January 23, 2012 at 11:05 am | Reply
  3. Payman

    The math is flawed. When you provide percentages, the total pecrcent should always add up to 100, but these numbers add up to 117.9.

    January 23, 2012 at 12:23 pm | Reply
  4. Ehsan

    The calculation flaw is related to the India value. It should be 16.3%

    January 23, 2012 at 12:31 pm | Reply
  5. Moe

    Then what about this: http://globalpublicsquare.blogs.cnn.com/2012/01/14/lindsay-where-iran-exports-oil/
    It says a totally different story.

    January 23, 2012 at 12:38 pm | Reply
  6. Muhammad Saqib

    Then how would EU and other countries fulfill their oil needs, which they import from Iran? Whether these embargoes can disturb EU themselves?

    January 23, 2012 at 3:21 pm | Reply
  7. Sumit Kaul

    Inaccurate charts, how can the sum of percentages exceed 100%.

    January 23, 2012 at 4:30 pm | Reply
  8. Dick

    While it is obvious that these sanctions will hurt the Iranian people it is not nearly so obvious that they will hurt the entrenched leaders of Iran. In fact the sanctions will empower the leadership by giving them a bad guy, in the form of the European Union, to blame for all of the hardships suffered by the people, many of which the EU will have caused. Economic sanctions always work to punish the citizens for the sins of the leaders without empowering the people to do anything to change the situation. They do nothing productive but instead help the other side radicalize their citizens against the west. If the European Union wants cooperation out of Iran they have to take steps that will encourage and empower the citizens of Iran to make a change at the top.

    January 23, 2012 at 6:26 pm | Reply
  9. AlexShch

    Indeed, this is the most idiotic chart I ever seen. The percentage adds up to 117% or something. And in comes from the reputed source - The Wall Street Journal.

    But wait a minute, isn't it the very same Wall Street analysts with their lousy math calculation brought the United States economy to its demise?

    January 24, 2012 at 12:26 pm | Reply
    • AlexShch

      OOPS ...I clicked on "WSJ" link to read the Wall Street Journal original article. Indeed, in contains the chart above, however WITHOUT the percentages on the right, and "South Africa" instead of just "Africa" at the bottom.

      Mystery....

      Logically there are two possibilities: either (1) the %s adding up to 117% were originally in WSJ chart at the moment when CNN took it, but later, perhaps under the pressure of embarrassment by readers' comments WSJ edited the chart and removed the eight portion of it; or (2) someone in CNN at his own accord edited the WSJ chart and added %s on the right, obviously making a mistake.

      I glanced through the discussion of the WSJ article and NOBODY there mentioned that the %s do not add up to 100%,
      so I conclude that the possibility (2) is the only possibility.

      My sincere apologies to WSJ: you did not screw up this one. (But you still screwed up many other things including US economy).

      CONGRATULATIONS TO CNN FOR SCREWING THIS UP!

      January 24, 2012 at 12:55 pm | Reply

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