“According to one of the main clauses, the Islamic Republic of Iran will halt all oil exports to European countries as long as they continue to ban oil imports from Iran. Another clause obliges the government to forbid imports of all goods from countries which have imposed sanctions on our country.”-Nasser Soudani, Majlis (parliament) Energy Committee

January 28, Iranian lawmakers have finalized a bill that would freeze all oil shipments to Europe.  But the bill would also place an embargo on any products being sold to Iran from countries that have joined the U.S./EU oil embargo against Iran!

This shows the Iranians have realized that the U.S. and EU are not in a good economic position to impose embargoes.  They are taking advantage of that and  will not only stop all oil shipments to oil starved Europe, but with stop buying products from countries who embargo Iranian oil.

The Iranians created a petroleum trade institution that does not use U.S. dollars. It’s very successful, and part of why Iran has become so wealthy.  Not only do they not take U.S. dollars, but they actually accept barter for oil, such as trading raw oil for refined fuel.

Iran has become a major producer of refined fuel in the Middle East.  In fact, in February, 2011, Iran stopped buying refined fuel from other countries!  On January 14, 2012, Iran announced they now make their own jet fuel.

A German political analysts told Russian media that Iran has learned how to succeed under sanctions: “All the present faithful customers to Iran oil are set to continue buying this oil, and they will find a way, rest assured. This is the signal I get from Tehran.  I was personally present when the deputy economics minister of Iran was talking to a foreign society in Berlin, and the gentleman said very openly to the shocked audience ‘OK. You don’t want to buy our goods. Well, the Chinese do.’”-Christoph R. Hörstel

Now Israeli media are reporting that Iran, India, China and several other countries are working on a oil for gold trade deal.  The deal would allow countries to avoid going through U.S. and European banks to buy Iranian petroleum products!

Also, on January 26, Iranian President Mahmoud Ahmadinejad stated: “Today, we have attained a status that we need not sell oil to Europe, and we are following our path determinedly.”