In New Op-Ed, UANI CEO Calls On Congress and President Obama to "Stop Nipping at the Corners, and Immediately Take Decisive Steps to Economically Embargo the Iranian Regime"
How an Economic Blockade could Prevent War with Iran
By Mark D. Wallace
August 23, 2012
For the past year, there has been a great deal of debate as whether it would be wise for Israel to strike at Iran's nuclear facilities.
While there are divergent opinions about whether such an attack would be prudent, one argument very hard to dispute is that Israel is absolutely right to be concerned with what's happening in Iran. How else should one feel given a situation where one country has been openly threatening the other for years and building a catastrophic weapon by which to attack it? If your neighbor stuck his head over the fence, told you he hates you and wants to kill you, and then started assembling a gun, wouldn't you consider trying to stop him before he pulled the trigger?
Yet as serious as the threat from Iran is, and as justified as an Israeli response might be, it would by no means be an ideal outcome for anyone. Indeed, a military strike against Iran, particularly a unilateral one, would undoubtedly disrupt oil markets and cause instability or outright war in the Middle East. It is still possible to avoid such an outcome, but only if we act now.
The reason it's not too late to stop Iran's dangerous pursuit is that there is overwhelming evidence showing that Iran's economy and currency are now in freefall. Given that dynamic, it is clear that an economic blockade against the regime could have a decisive impact in making the Ayatollahs choose between their nuclear program and their economy. All it would take is some resolve on the part of the U.S., the EU, and other interested parties, to increase sanctions against Iran and force the regime's hand.
This is not blind optimism: Iran's economy truly is reeling these days, thanks in large part to two actions that were long advocated by United Against Nuclear Iran (UANI): the U.S. and EU's decision to sanction Iran's central bank and bar oil imports, and UANI's successful campaign to force the international banking consortium SWIFT to deny access to Iranian banks.
Now, with that pressure starting to work (even the Iranians are admitting it now), the U.S. and its allies need to close the many loopholes that the regime is still exploiting. There is a very effective way to do this: sanctioning any company or entity around the world that does business with the Iranian regime. Whether it's an automaker like Nissan, a telecommunications provider like MTN, or a bank like HSBC, there are numerous irresponsible corporate actors that continue to support the Iranian regime and thereby keep it afloat.
Here in the States, Congress and President Obama should stop nipping at the corners, and immediately take decisive steps to economically embargo the Iranian regime. Legislation imposing such an embargo should be modeled on the following UANI proposal: any business, firm, or entity that provides services to or enables or facilitates access to services in Iran and/or with any Iranian-controlled entity, shall be barred from receiving U.S. government contracts, accessing U.S. capital markets, entering into commercial partnerships with U.S. entities, or otherwise doing business in the U.S. or with U.S. entities.
At the point that a corporate entity has to choose between doing business in the U.S. or in Iran, it will make the right decision, and help isolate the regime.
Some critics will say that no amount of economic pressure can prevent Iran from acquiring a nuclear weapon, and so the only option is a military one.
I will be the first to admit that there is a lack of certainty as whether sanctions and pressure will compel the Iranian regime to change course. With such an unstable and dangerous group of people in charge, it is impossible to predict how they will ultimately react.
But it's common sense that before undertaking military action against a country, we should first try to dissuade that country from its current course by applying decisive economic pressure. Doing so would in fact make a military option more credible, by showing the regime that the world is serious and committed, willing to do whatever it takes to stop Iran's pursuit of nuclear weapons.
Most importantly, it might make the regime decide that it would rather have an economy than a nuclear weapon, and prevent catastrophe.
Ambassador Mark D. Wallace is CEO of United Against Nuclear Iran. He previously served as U.S. Ambassador to the UN for Management and Reform.
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