So, U.S. sanctions on Iran were fully implemented on Monday, fully but not completely, rather as Miracle Max in “The Princess Bride” says “mostly dead is a little alive.” Waivers were granted to eight major customers of Iran that will allow them to continue importing oil as long as they are phasing them out, reassuring the oil traders that the world won’t end for at least a few more months. And while many allied governments have said they won’t accommodate U.S. sanctions, oil companies under their jurisdictions have indicated they will do not wish to risk legal problems and so will simply avoid doing business with Iran.
