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| Sanctions against CBI could hurt the global economy |
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 A new U.S. Congressional push to sanction Iran's Central Bank is aimed at reducing Iranian oil revenues, but could backfire and hurt the global economy.On Tuesday, the Wall Street Journal disclosed a letter to the White House signed by 92 senators urging the Barack Obama administration to place new restrictions on dealings with the bank as part of a strategy to "cripple" Iran. Experts on the Iranian economy told IPS that any action that cuts Iranian oil sales could cause a spike in global prices and ultimately help Iran's oil-dependent economy. The Senate letter got a big endorsement from the American Israel Public Affairs Committee (AIPAC), the influential Jewish lobby group that has made stopping Iran's nuclear program major priority. Sanctioning the Central Bank would punish ordinary Iranians, something the Obama administration has said it wants to avoid, and could undermine what had been a growing international consensus against the Iranian nuclear program It could also jack up oil prices at a time when the global economy is teetering on the verge of a second recession. Experts warned that sanctioning the bank would be "economic warfare" against Iran. (Source: The International News Magazine)   Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
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