Oil Sanctions, Barter Systems, and the State of U.S.-Europe Relations

In May of this year, the Trump administration announced their intent to withdraw from the Obama-era Iran-P5+1 nuclear disarmament deal and plan to re-impose prior sanctions placed on Iran’s oil sector. Earlier this November, these new sanctions began taking effect. It is important to note that Iran, as far as the interested parties are concerned (including Iranian adversary Saudi Arabia), was abiding well within the parameters of the agreement; furthermore, the participation of the US is not essential to the continuation of the agreement. Although there is much speculation as to…