MINDFUL of the danger of Iran’s regime acquiring nuclear weapons, the international community has passed a new round of sanctions.
They aim to persuade Tehran that a negotiated deal is in its best interests. After the UN approved Resolution 1929 in June, Western nations – including the US, the European Union and Australia – enacted additional autonomous measures against the regime.
There is little doubt that these measures bite. Since their introduction, Iran has had to scrap two liquefied natural gas projects after Western companies withdrew as a result of sanctions. Iran’s refining and petrochemical sectors are struggling and lack of foreign investment may have dire long-term consequences on Iran’s economy. Only last week, the Dutch Lyondell Basell petrochemical company announced it was withdrawing from the Iranian market. Australia’s Worley Parsons has taken similar moves, pledging only to complete already existing contracts, and, then again, only if they do not contradict sanctions legislation.
