In his comments to the Aug. 28 IPC meeting, EIR’s Dennis Small reported the following basics about Iran’s trade activity.
“Iran has 90 million people. Iran is a member of the Shanghai Cooperation Agreement (SCO) and of the BRICS.
”[Treasury Secretary Scott] Bessent was asked by a journalist when he announced this economic warfare just a couple of days ago: Why not impose the sanctions today? Why merely threaten to impose them? And Bessent responded: “Well, we’re giving everyone the opportunity there to remedy bad behavior. Why would I want to blow up the global financial system?”
“That’s a very good question. He clearly recognizes that these measures do run that risk. And in fact, what Bessent was saying was that the Trump administration is prepared to do that if that’s what is required to protect the financial system’s entire speculative bubble…
“The seven major trading partners of Iran are: first, China (30%, or about a third of Iran’s total trade), with China buying 80-90% of Iran’s oil exports.
“The next is the UAE… the only one of the major trading partners who have agreed to do what Bessent ordered them to do, which is to cut all trade and financial relationships with Iran. They answer for 18% of Iran’s total trade, which include a curious mixture of financial transactions, reselling for third countries, and so on. They announced they’re out of the game.
“Turkey is next with 13%. Iraq is 8%. Russia is 3%. Pakistan is 3%. And India is 2%.
“There is no doubt that this new wave of secondary sanctions will hurt Iran. But is Bessent really going to be able to get all of these countries to say, “Okay, whatever you say, boss. No problem”? The Chinese have already officially told Bessent to go jump in a lake.
“The other crucial factor to consider is the following. There is going to be a meeting of the SCO heads of state and government on Sept. 1 in Bishkek. On Sept. 12-3 the BRICS will have their annual summit meeting in India.
“China is a member of the SCO and the BRICS. The UAE is a partner of the SCO and a BRICS member. Turkey is a partner of the SCO and a partner of the BRICS.
Iraq is the only country that is not a member of either group. Russia is a member of the SCO and a member of the BRICS. Pakistan is a member of the SCO, but is not a member of the BRICS. And India is a member of the SCO and of the BRICS.
“What Bessent et al are doing, willy-nilly, is that they are driving the Global Majority towards creating a new system, because they have no other possible policy that they can turn to, given the bankruptcy of the trans-Atlantic system.
“That alternative is being built around the BRICS, the SCO and other groupings, and that alternative involves the implementation of the full panoply of what Lyndon LaRouche originally designed as how to build a new security and development architecture.”
