The following article appeared in the July, 2012 Wall Street Journal.
http://www.magic-city-news.com/Guest_Co ... 6080.shtml
Obama's Iran Loopholes
All 20 of Iran's major trading partners have sanction exemptions.
In Istanbul Tuesday, U.S. and Iranian nuclear negotiators meet for the fourth time in four months, with the classic diplomatic assignment of talking about whether to hold future talks. They'll likely agree to do so, but the real news happened under the radar last week: Though economic sanctions still haven't slowed or stopped Iran's nuclear drive, the Obama Administration has decided to make them even weaker. The Iran sanctions regime is looking like the U.S. tax code—filled with loopholes.
It's so weak, in fact, that all 20 of Iran's major trading partners are now exempt from them. We've arrived at a kind of voodoo version of sanctions. They look real, insofar as Congress forced them into a bill President Obama had to sign in December. The Administration has spoken incantations about their powers. But if you're a big oil importer in China, India or 18 other major economies, the sanctions are mostly smoke.