H O W A R D S B E N D

Now is time to jump on this unique opportunity. Close the deal.

As Russia continues it invasion on Ukraine, the world looks to impose severe sanctions on Russia. But, in order to truly cripple the Russian economy, there must be sanctions on Russia oil and gas exports.

Russia’s economy is heavily dependent on fossil fuels, which account for about 60% of the country’s exports. Russia was the world’s third-largest oil producer in 2020, producing over 10 million barrels of oil a day, or 11% of the world’s total, according to the U.S. Energy Information Agency. Russia exports about 5 million barrels a day of crude plus 3 million barrels of refined products. These exports must be shutdown to truly bring down the Russian economy.

Iran is pumping about 2.5 million barrels per day, some 1.3 million barrels per day less than in 2018 when former U.S. President Donald Trump withdrew the United States from the nuclear accord and re-imposed sanctions, drastically cutting Tehran’s oil income. Iran is strongly motivated to have the sanctions lifted. Iran can quickly increase its oil production. This additional production will help offset the loss of Russian oil on the world markets. A Biden administration official claims that the six-month negotiations over the nuclear deal were entering their “final stretch,” though a full agreement that leads to unimpeded Iranian oil exports may not be implemented for months. What is the delay? Both sides should be extremely motivated to get the deal done and the new treaty signed. There should be around-the-clock negotiations until the deal is finalized.” Both the Russians and the Chinese have been negotiating with Iran to make large investments to help Iran achieve an even higher level of oil production. Russia is obviously unable at this time to commit to further investments in Iran. Once the new nuclear deal is finalized, UIS companies should jump in and assist Ian with this expanded oil production.

What is the delay in finalizing this new non nuclear proliferation agreement? We already had a previous deal that worked for all parties involved. Get the deal done.