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The EU embargo of Iranian oil is now in place, along with fresh U.S. sanctions against countries dealing with Tehran. The measures are aimed at pressurizing Iran to curb its nuclear programme. The Islamic Republic says however that it's been stockpiling money as a buffer and that selling oil remains no problem - thanks to America exempting some countries from penalties - including China and Singapore. Author and journalist Afshin Rattansi says the sanctions are unlikely to have the desired effect.
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