EU Oil Embargo On Iran - A Boon For The City Of London

The new Greek dictatorship has indicated that it would support a ban on Iranian oil imports, depite receiving 35% of its oil from Iran - a source it relies on because other sources will not extend credit to Greece.

An unnamed Greek representative told Reuters and Bloomberg yesterday that Greece has now dropped its previous opposition to an import ban. Let's consider why:

An oil embargo on Iran would be fantastic news for the City of London, and, most likely, Greek shipping magnates. Embargoed Iranian oil would be bought up at significantly below market prices, shipped by (Greek?) tanker to Egypt, where following some slight of hand and dodgy paperwork, would be sold as oil from an indeterminate source.

Greece will continue to get oil, now from Egypt, the EU will propagandise its embargo on Iran, and the City of London will make a healthy profit.