Earlier this week, the Hammerblog reported that Russia's finance minister is challenging petrodollar hegemony.
Now Russian President Vladimir Putin is raising the ante by asserting Iran's right to develop civil nuclear energy. After meeting with German Chancellor Angela Merkel, Putin was quoted saying:
Our position is clear and well-known. We are against the proliferation of weapons of mass destruction, and this applies to Iran, but we believe that Iran must have an opportunity to develop advanced technologies and the nuclear power industry for civil purposes.
Putin also asserted that the "Iranian nuclear problem" should be addressed through the International Atomic Energy Agency (IAEA) rather than the UN Security Council.
Russia has a veto on the Security Council, and Putin's remarks hint that the United States will not be able to force a resolution authorizing sanctions or aggression against Iran for continuing to enrich uranium, forcing America and its allies once again to act outside international law if they decide to attack Iran's nuclear facilities.
In the meantime, oil prices continue to flirt with the $75 per barrel mark.
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