De linking from Dollar Dominated Trade: Circumventing US Sanctions. Iran–Venezuela Energy Cooperation

 

De linking from Dollar Dominated Trade: Circumventing US Sanctions. Iran–Venezuela Energy Cooperation

PressTV Interview

By Peter Koenig and Press TV

Global Research, May 05, 2022

Region: Latin America & Caribbean, Middle East & North Africa

Theme: Global Economy

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Iran and Venezuela are poised to enter a new era to fight US sanctions. Their cooperation in Hydrocarbons production as well as trade may help them gradually detach from western sanctions.

An idea brought forward in this interview is their joint exit from the dollar-dominated trade economy, by selling their petrol and gas in one or more other currencies than the US dollar or even the Euro. Ideally, they may want to join the Russian move of selling gas for rubles instead of US dollars.

This Russian initiative, of course, has been a major “explosion” in Europe and elsewhere in the world, but most countries eventually accept this new payment mode – one that is totally delinked from the US dollar and its little brother, the Euro.

It is a move away from the SWIFT transfer system which makes countries vulnerable to sanctions, because using SWIFT – the western payment mode — all transfers have to transit via US banks, thus increasing vulnerability to western, mostly US, interferences or sanctions.

After all, still today 84% of all energy used in the world stems from hydrocarbons, as compared to some 87% in the year 2000. And this despite much talk of shunning petrol and gas, the Paris Climate Agenda, and especially propagating a Green Agenda – empty words, manipulating people’s minds towards a new form of capitalism.

Another strategy which both countries are actively considering, is increasingly delinking their trading from the west and orienting their economies towards the east, i.e., the Shanghai Cooperation Organization (SCO), the Eurasian Economic Union (EAEU), the Association of South Asian Nations (ASEAN), uniting 11 Asian countries, plus Russia and China. Earlier this year, Iran has been admitted as a member of the SCO.

These Eastern block economies, together make up for about 50% of Mother Earth’s population and at least a third of the world’s GDP. Becoming part of this union is definitely a decisive step away from western domination and US sanctions.

See Peter Koenig’s Interview (PressTV-PK – video 12 min – 3 May 2022) below.

Video

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Peter Koenig is a geopolitical analyst and a former Senior Economist at the World Bank and the World Health Organization (WHO), where he has worked for over 30 years on water and environment around the world. He lectures at universities in the US, Europe and South America. He writes regularly for online journals and is the author of Implosion – An Economic Thriller about War, Environmental Destruction and Corporate Greed; and  co-author of Cynthia McKinney’s book “When China Sneezes: From the Coronavirus Lockdown to the Global Politico-Economic Crisis” (Clarity Press – November 1, 2020).

Peter is a Research Associate of the Centre for Research on Globalization (CRG). He is also is a non-resident Senior Fellow of the Chongyang Institute of Renmin University, Beijing.

Featured image is from OneWorld

The original source of this article is Global Research

Copyright © Peter Koenig and Press TV, Global Research, 2022

 

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What if Global Powers Impose Sanctions on Washington One Day

Politics 21:19 09.06.2016(updated 21:34 09.06.2016) Get short URL 9843230 The US has long used economic sanctions as a weapon against those states that refuse to bow before Washington. But maybe one day, the American leadership might get a taste of their own medicine, Martin Berger writes. In its bid for global dominance Washington is developing military capabilities and gaining trade and economic advantages, journalist and geopolitical analyst Martin Berger writes in his article for New Eastern Outlook. It is no secret, however, that on this path the US has repeatedly violated the norms of international law. And we are being forced into believing that US jurisdiction is somehow above it, the journalist notes. "But there's yet another weapon of choice Washington has been using all too often — sanctions it's imposing on those states who refuse to yield once they contest American coercion," Berger stresses. A US fighter, who is fighting alongside with Syria Democratic Forces (SDF), carries his national flag as he stands with SDF fighters in northern province of Raqqa, Syria May 27, 2016 © REUTERS/ Rodi Said 'High Price' Help? Why the US Won't Cooperate With Russia in Syria The journalist points out that the US goes even so far as to pressure its allies and partners into supporting such actions even if it results in damage to their own economic interests. "The latest example of such unilateral action has been the ruling of the US Supreme Court to pay compensations to the families of those Americans killed in the terrorist attacks in 1983 and 1996 in Beirut and Riyadh, using the money from 'frozen' Iranian assets. This decision has provoked massive public outrage in Iran," the journalist recalls. It seems the lesson has been learnt by Tehran, and in one of his recent statements, Iranian President Rouhani made it clear that Iran will not give Washington its money so easily. Moreover, the Iranian parliament "approved the general outlines of a bill that would obligate the government to claim compensation from the United States for its hostile moves against Iran over the past 63 years," the Iran Project reported on April 17, 2016. The media outlet specified that the cases particularly include the US involvement in the 1953 coup, the role Washington played in an 8-year Iraqi war on Iran in the 1980s, the damage the White House inflicted on Tehran "by dipping into Iran's assets frozen in the US banks," and the US support for Tel-Aviv's anti-Iran measures. "Earlier, in a speech in the southeastern city of Kerman, President Rouhani pledged that Iran would 'take this case to the Hague in the near future and will not spare any effort towards the restoration of the nation's rights through legal, political and banking channels'," the media outlet emphasized, adding that the move came "in response to the US Supreme Court's decision in April to seize about $2 billion in frozen assets of Iran." What does the move mean? Spring in Moscow © Sputnik/ Vladimir Astapkovich Kremlin Welcomes French Senate's Resolution on Easing Anti-Russia Sanctions According to Berger, Iran has signaled to the international community that Washington is by no means "above the law." It is not the "global hegemon," who rules the world but a long number of countries that should co-exist in accordance with the norms of international law. It cannot be excluded that one day the US leadership will get the taste of its own medicine, he notes. "And there could be many such states, not only the nations of Asia (in particular Japan regarding Hiroshima and Nagasaki, Korea, Vietnam and many other others), but also nations including the former Yugoslavia, Iraq, Libya, Syria, which may even create a 'unified alliance of victims of Washington's policies,' to make a united appeal for compensation," Berger stresses. And in the event of the compensation not paid, the international community could choose to impose political and economic sanctions upon Washington. Today is seems rather incredible, but should the pillars of the US dominance crumble some countries may jump at the opportunity to adopt Read more: http://sputniknews.com/politics/20160609/1041090405/washington-sanctions-world.html#ixzz4B77gmBUr