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Iran Standoff Goes Global

As the European Union discusses an embargo against Iranian oil, the US has sanctioned its central bank. The US is also asking for Chinese assistance in stopping Iran’s nuclear program.

What’s the Latest Development?

The standoff over Iran’s nuclear program is heating up, drawing major powers to the negotiating table in a attempt stop the creation of a new nuclear state while averting war. Iran’s disclosure of another plutonium enrichment facility coincided with the European Union’s decision to negotiate an Iranian oil embargo among its member countries. The US now has the power to sanction businesses and governments that deal with Iran’s central bank. Currently, Treasury Secretary Tim Geithner is in Asia, asking China to help stop Iran.

What’s the Big Idea?

The increasing number of variables in the conflict over Iran’s nuclear program is making the situation extremely delicate. An oil embargo including western allies like Japan and South Korea could cut off half of Iran’s oil revenue, reducing government revenue by about a quarter. Iran has talked big when it comes to US military presence in the region and any Israeli strikes could unite Iran’s population, which is currently at odds with its president, against outside forces. Turkey may emerge as the country most capable of securing a concession from Iran.

Photo credit: shutterstock.com

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