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With New US Sanctions, Iran Looks East

Posted Oct 29, 07 10:07 AM CDT in World 

(Newser) – As Iran is increasingly squeezed by new US sanctions and pressure from the UN, the country looks east for new economic alliances. China is about to overtake Germany as Iran's largest trading partner, and with oil prices skyrocketing, it looks as though Iran will be able to weather the storm of American sanctions, the Washington Post reports.

Iran has cut down on gasoline subsidies, reducing consumption and dependency on imports. Nevertheless, US pressure has buffeted the country as European nations slowly wean themselves off Iranian oil and foreign investments hit roadblocks related to US restrictions. But most analysts predict the sanctions will ultimately be unsuccessful, particularly given Mahmoud Ahmadinejad's determination to withstand American threats.

Source Washington Post

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Iranians walk past anti-Israel and anti-U.S. slogans in Naghshe Jahan Square in Isfahan, Iran, Friday Oct. 26, 2007. Iran's top nuclear negotiator, Saeed Jalili, on Friday dismissed the U.S. announcement...   (Associated Press)
Iranian President Mahmoud Ahmadinejad, righ, meets with Turkish Foreign Minister Ali Babacan, left, in Tehran, Iran, Sunday, Oct. 28, 2007. An unidentified translator sits at center. (AP Photo)   (Associated Press)
Secretary of State Condoleezza Rice, right, accompanied by Treasury Secretary Henry Paulson, announces new sanctions against Iran, Thursday, Oct. 25, 2007, at the State Department in Washington. (AP Photo/Charles...   (Associated Press)
Iranian President Mahmoud Ahmadinejad, right, and Russian President Vladimir Putin shake hands at their meeting in Tehran, Iran, Tuesday, Oct. 16, 2007. Russian President Vladimir Putin made an unspecified...   (Associated Press)
Iranian President Mahmoud Ahmadinejad delivers his speech during Caspian Sea leaders summit in Tehran, Iran, Tuesday, Oct. 16, 2007. Nations bordering the Caspian Sea are Iran, Russia, Azerbaijan, Turkmenistan...   (Associated Press)
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Iran  • United Nations  • oil price  • Mahmoud Ahmadinejad  • economic sanctions


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