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Source: http://www.washtimes.com/news/2008/aug/13/subverting-iran-sanctions/
Russia and China Subverting Iran Sanctions
[Washington Times] Editorial - While the U.S. emphasizes the need to halt investment in Iran's energy sector, Russia and China continue to forge ahead with billions of dollars in new investments that will enable Iran to finance its military buildup and fund terrorist groups. During the past year, Washington has had some success in persuading European allies not to go forward with projects that would provide capital for Iranian weapons-of-mass-destruction programs and terror. U.S. diplomatic pressure caused the French firm Total and Royal Dutch Shell to delay energy investment projects in Iran and has led European banks to withdraw financing for oil exploration there. Yet Russia appears determined to expand its oil and gas investments in Iran. Between 2000 and 2007, the Russian state-controlled energy giant Gazprom invested $4 billion in Iran. In February, Gazprom announced it would expand its involvement in developing Iran's South Pars natural-gas field in the Persian Gulf and would aid Tehran's oil-exploration efforts. Gazprom last month signed a multibillion-dollar agreement with the Iranian National Oil Co. to help Iran develop its oil and gas fields. The Iranian government has also announced a $100 billion agreement with the Chinese oil giant Sinopec, in which the firm agreed to purchase Iranian natural gas and help develop one of Iran's largest oil fields. The bottom line is that, even as Washington and its allies work to tighten sanctions against Tehran, Russia and China are doing everything they can to negate any beneficial effect that sanctions could have.