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Iran ridicules EU’s oil sanctions

China finally came out with a statement strongly critical of the European Union’s sanctions against Iran’s oil exports. The FO spokesman in Beijing said the moves to put pressure on Iran and impose sanctions are not “constructive approaches”. The statement essentially takes the same line that Russia took, namely, nothing should detract from the expected talks between Iran and the “5+1″. 

Obviously, China will continue to import oil from Iran. Trade also will continue. The last year’s statistics show an increase of 55% in the bilateral trade as compared to 2010. China’s oil imports from Iran in 2011 rose by 30%. There will be strong impetus for both sides to sustain the momentum in the economic ties. Meanwhile, has Europe bitten more than it could chew? The IMF is warning of  >>>