Monthly Archives: November 2020

Banning Gasoline Cars: Better than subsidies and taxes

More than a dozen countries say they will prohibit sales of petrol-fueled cars by a certain date. On September 23rd, 2020,  Gavin Newsom, California’s governor, pledged to end sales of non-electric cars by 2035. Such bans may look like window-dressing, and that could yet in some instances prove to be the case. But in the right circumstances, they can be both effective and efficient at cutting carbon.

Fully electric vehicles are not yet a perfect substitute for petrol-consuming alternatives. They are often more expensive, depreciate faster, and have a lower range of travel and more limited supporting infrastructure, like charging stations or properly equipped mechanics. But the number of available electric models is growing, and performance gaps are closing. A recent analysis concludes that in such conditions—when electric vehicles are good but not perfect substitutes for petrol-guzzlers—a ban on the production of petrol-fueled cars is a much less inefficient way to reduce emissions than you might think.

If electric vehicles were in every way as satisfactory as alternatives, it would take little or no policy incentive to flip the market from petrol-powered cars to electric ones. If, on the other hand, electric cars were not a good substitute at all, the cost of pushing consumers towards battery-powered vehicles would not be worth the savings from reduced emissions. Somewhere in between those extremes, both electric and petrol-powered cars may continue to be produced in the absence of any emissions-reducing policy even though it would be preferable, given the costs of climate change, for the market to flip entirely from the old technology to the new. Ideally, the authors reckon, this inefficiency would be rectified by a carbon tax, which would induce a complete transition to electric vehicles. If a tax were politically impossible to implement, though, a production ban would achieve the same end only slightly less efficiently—at a loss of about 3% of the annual social cost of petrol-vehicle emissions, or about $19bn over 70 years… A shove may work as well as a nudge. 

Excerpts from Outright bans can sometimes be a good way to fight climate change, Economist, Oct. 3, 2020

Saving Lives (if you can): Conflict Minerals and Covid-19

The Dodd-Frank Section 1502 forces manufacturers to disclose if any of their products contain “conflict minerals” mined in the Democratic Republic of the Congo and nine adjoining countries in Africa. Under the law, companies listed on U.S. stock exchanges must audit their supply chains and disclose if their products contain even traces of the designated minerals—gold, tantalum, tin and tungsten—that might have been mined in areas controlled by warlords.

The provision was sold as protecting Congolese citizens from warlords who profited from the mining and sale of these minerals…Manufacturers spent about $709 million and more than six million man-hours attempting to trace their supply chains for conflict minerals in 2014. And 90% of those companies still couldn’t confirm their products were conflict-free. Many decided to avoid the Congo region altogether and source materials from other countries and continents

When mining dropped off due to Dodd-Frank’s effects, Congolese villages were hit by reductions in education, health care and food supply. In 2014, 70 activists, academics and government officials signed a letter blasting initiatives like the Dodd-Frank provision for “contributing to, rather than alleviating, the very conflicts they set out to address”…

Then there is the race for Covid-19 vaccines and related medical supplies. including ventilators, x-ray machines and oxygen concentrators that are manufactured by using “conflict minerals.” The minerals restricted by the Dodd-Frank Act are frequently used in the composition and production of needles, syringes and vials necessary to transport and administer billions of doses of vaccines. The compressors used to refrigerate vaccines also use these minerals to function…Countries, such as China, which are not bound by Dodd-Frank, have access to Congolese tantalum that the U.S. lacks.

Excerpts from John Berlau and Seth Carter,  Dodd-Frank Undermines the Fight Against Covid, WSJ, Oct 28, 2020

To Steal To Survive: the Illegal Lumberjacks of the Amazon

The Amata logging company was supposed to represent an answer to the thorny problem of how countries like Brazil can take advantage of the Amazon rainforest without widespread deforestation.  But after spending tens of millions of dollars since 2010 to run a 178-square-mile concession in the rainforest to produce timber sustainably, Amata pulled out in April 2020. The reason: uncontrolled wildcat loggers who invaded Amata’s land, illegally toppling and stealing trees.

Amata’s executives in São Paulo said that instead of promoting and protecting legal businesses, Mr. Bolsonaro’s administration did next to nothing to control the illegal loggers who invaded the concession in the western state of Rondônia. “It’s a conflict area,” Amata Chief Executive Ana Bastos said of the land granted to the company. “Those lumberjacks steal our lumber to survive. If we try to stop them, they will fight back. It will be an eternal conflict.”

Since they pay no taxes and make no effort to protect certain species or invest in restoration, illegal loggers can charge $431 per square meter of lumber, compared with $1,511 per square meter of legally logged timber, concession operators said.  “It is like having a regular, taxpaying shop competing with lots of tax-free peddlers right in front of your door,” said Jonas Perutti, owner of Lumbering Industrial Madeflona Ltda., which also operates concessions in the Amazon…

“The organized crime that funds illegal activity in the Amazon—including deforestation, land grabbing, lumber theft and mining—remains strong and active,” said Carlos Nobre, a Brazilian climate scientist. “It seems [the criminals] aren’t frightened by the government’s zero-tolerance rhetoric or don’t believe it’s serious.”…

Wildcat loggers are among the Amazon’s poorest residents, and many feel they have an ally in Mr. Bolsonaro,[Brazil’s President]…“There’s much corruption in law enforcement, and consumers don’t care if the wood they are buying is legal or not,” said Oberdan Perondi, a co-owner of a concession that is five times as large as Amata’s and also competes with illegal loggers.

Excerpt from Paulo Trevisani and Juan Forer, Brazil Wanted to Harvest the Amazon Responsibly. Illicit Loggers Axed the Plan, WSJ, Oct. 28, 2020

The Unrepentant Banker: How Banks Rig the Markets

Many of the big market-manipulation scandals over the past decade have much in common: huge fines for the investment banks, criminal charges for the traders and an embarrassing paper trail revealing precisely what bank employees got up to. Interest-rate traders who manipulated the London Interbank Offered Rate (LIBOR)… infamously called a chat room in which they discussed rigging exchange rates “the cartel”.

The case against JPMorgan Chase for manipulating precious-metals and Treasury markets has many of the usual features. On September 29th, 2020 it admitted to wrongdoing in relation to the actions of employees who, authorities claim, fraudulently rigged markets tens of thousands of times in 2008-16. The bank agreed to pay $920m to settle various probes by regulators and law enforcement… Some of the traders involved face criminal charges. If convicted, they are likely to spend time in jail.

The traders are alleged to have used “spoofing”, a ruse where a market-maker seeking to buy or sell an asset, like gold or a bond, places a series of phony orders on the opposite side of the market in order to confuse other market participants and move the price in his favor. A trader trying to sell gold, for instance, might place a series of buy orders, creating the illusion of demand. This dupes others into pushing prices higher, permitting the trader to sell at an elevated price. Once accomplished, the trader cancels his fake orders… According to prosecutors one JPMorgan trader described the tactic as “a little razzle-dazzle to juke the algos”. In the past two years Deutsche Bank, HSBC, Merrill Lynch and UBS have all paid penalties on spoofing charges…

Excerpt from Spoof proof: JPMorgan Chase faces a fine of $920m for market manipulation, Economist, Oct. 3, 2020

Paper Parks, their Elephants and Marginal People

Since 2010 Chad has taken a step that other African countries are increasingly following. It handed management of its national park to an NGO. Since African Parks took over, the elephant population has begun to rise. In 2011 just one calf was born; in 2018, 127 were. The revival is emblematic of broader success that public-private partnerships (PPPs) are having in conserving some of the most precious parts of the planet.  Sixty years ago, when decolonization was sweeping the continent, the UN counted 3,773 “protected areas” in Africa and its surrounding waters. By 1990 the figure was 6,075; today it is 8,468. Some 14% of the continent’s land has been categorized as protected, according to the World Database on Protected Areas…

Most “protected areas” are “paper parks”, argues Peter Fearnhead, the chief executive of African Parks. In theory their demarcation denotes stewardship; in practice there is often very little care. Since its founding in 2000 the NGO has grown to manage 19 parks in 11 countries. It is the largest of an expanding number of ppp operators across the continent. The African Parks model relies on “three ms”, explains Mr Fearnhead: a clear mandate from a government (which keeps ownership of the area but hands over the running to the NGO); sound management; and money from donors such as the EU.

Zakouma is African Parks’ flagship operation. When it took over its management the priority was security. The national park was caught up in Chad’s civil conflicts in the 2000s, when rebel groups, some backed by Sudan, took on government forces. Janjaweed militias, notorious for mass murder and rape in Darfur, took advantage of the vacuum to slaughter Zakouma’s elephants and launch attacks on nearby villages.
The approach to security is a blend of low and high tech. It relies on residents of surrounding areas to alert it to poachers. Local intelligence is then combined with satellite tracking of the elephants. This helps anti-poaching rangers to know where to go.

Winning the support of people on the edge of the park has been crucial. Locals are happy to help report sightings of the Janjaweed, since they fear being robbed or murdered by them. African Parks also negotiates with nomads to ensure their caravans of camels do not go through the park.

Excerpts from Elephants’ graveyard no more: African governments are outsourcing their natural areas, Economist, Oct. 22, 2020

Modern Slavery and the Collapse of Fisheries

Illegal, unreported and unregulated fishing accounts for a staggering 20-50% of the global catch. It is one reason fish stocks are plummeting: just a fifth of commercial species are sustainably fished. Illegal operators rob mostly poor coastal states of over $20bn a year and threaten the livelihoods of millions of small fishermen. A huge amount of illicit fishing happens on licensed boats, too. They might catch more than their quota, or falsely declare their catch as abundant albacore tuna instead of the more valuable bigeye. In port fisheries inspectors are always overstretched. If an operator is caught, for instance, fishing with too fine a net, the fine and confiscation are seen as a cost of doing business. Many pay up and head straight back out to sea.

The damage from illicit fishing goes well beyond fish stocks. Operators committing one kind of crime are likely to be committing others, too—cutting the fins off sharks, or even running guns or drugs. Many are also abusing their crews… A lot of them are in debt bondage…. Unscrupulous captains buy and sell these men and boys like chattel

Too often, the ultimate beneficiaries of this trade are hard to hook because they hide behind brass-plate companies and murky joint ventures. Pursuing them requires the same kind of sleuthing involved in busting criminal syndicates. An initiative led by Norway to go after transnational-fisheries crime is gaining support. Much more cross-border co-operation is needed.

At sea, technology can help. Electronic monitoring promises a technological revolution on board—Australian and American fleets are leading the way. Cameras combined with machine learning can spot suspicious behavior and even identify illicit species being brought on board…. Equally, national regulators should set basic labor standards at sea. If countries fail to follow the rules, coastal states should bar their fishing fleets from their waters. Fish-eating nations should allow imports only from responsible fleets.

Above all, governments should agree at the World Trade Organization to scrap the subsidies that promote overfishing. Of the $35bn a year lavished on the industry, about $22bn helps destroy fish stocks, mainly by making fuel too cheap. Do away with subsidies and forced labor, and half of high-seas fishing would no longer be profitable. Nor would that of China’s environmentally devastating bottom-trawling off the west African coast. 

Excerpt from Monsters of the deep: Illicit fishing devastates the seas and abuses crews, Economist, Oct., 22, 2020

What really happens in the seas? GlobalFishing Watch, Sea Shepherd, Trygg Mat Tracking

The Plight of Electric Cars: Cobalt Batteries and Mining

About 60% of the world’s cobalt is found in Congo, scattered across the copperbelt that stretches east into Zambia. The people of Kawama, Gongo grumble that too much land has been sold to mining firms. “We used to dig freely,” says Gerard Kaumba, a miner. “But now the government has sold all the hills.” There are still some sites where miners can turn up and dig, but they have to sell to whoever owns the concession. A sweltering day’s work might earn you $7. Many people have found they can make more at night, pilfering cobalt from industrial mines.

Glencore, a commodities giant with two mines in Congo, reckons that some 2,000 people sneak into its pits every day. Other companies have even more robbers to contend with. In 2019 Congolese soldiers chased thieves out of a mine owned by China Molybdenum where, it was reckoned, 10,000-odd people were then illegally digging. Sneaking into Glencore’s mines is hardest, says a Kawaman, as its guards do not collude with thieves—and often chase them away with dogs.

Congo’s industrial miners are not all angels.  Gécamines, the state-owned company, has enriched crooked politicians for half a century. Global Witness, a watchdog based in London, says Congo’s treasury lost $750m of mining revenues to graft between 2013 and 2015. ENRC, which has mines in Congo, has faced allegations of corruption and an investigation by Britain’s Serious Fraud Office (it denies wrongdoing). So has Glencore, which has worked with Dan Gertler, an Israeli billionaire. Mr Gertler, a close friend of a former Congolese president, Joseph Kabila, is under American sanctions… 

While big firms rake in millions, many of the little guys languish in jail. The prison in Kolwezi, the largest city in the mining region, is crammed with men caught stealing copper and cobalt. More than a hundred inmates occupy one stinking room, sitting in rows on the ground, each wedged between another’s legs. Prissoners are allowed to use the toilet only once a day, so they often urinate in their clothes

Excerpt from Cobalt blues: In Congo the little guys are jailed for stealing minerals. Economist, Oct. 17, 2020

Just Forbid It – Fishing: Fishing and Marine Protected Areas

Fish, whether wild caught or farmed, now make up nearly a fifth of the animal protein that human beings eat….In this context, running the world’s fisheries efficiently might seem a sensible idea. In practice, that rarely happens. Even well-governed coastal countries often pander to their fishing lobbies by setting quotas which give little respite to battered piscine populations. Those with weak or corrupt governments may not even bother with this. Deals abound that permit outsiders legal but often badly monitored access to such countries’ waters. And many rogue vessels simply enter other people’s fishing grounds and steal their contents.

There may be a way to improve the supply side: increase the area where fishing is forbidden altogether.  This paradoxical approach, which involves the creation of so-called marine protected areas (MPAs), has already been demonstrated on several occasions to work locally. A new study “A global network of marine protected areas for food “in the Proceedings of the National Academy of Sciences…explores the idea of extending MPAs elsewhere. If the right extensions are picked designating a mere 5% more of the world’s oceans as MPAs—which would triple the area protected—could increase the future global catch of the 811 species they looked at by more than 20%. That corresponds to an extra 10m tonnes of food a year.

The idea that restricting fishing would permit more fish to be caught may seem counterintuitive, but the logic is simple. Fish in MPAs can grow larger than those at constant risk of being pulled from the ocean. Larger fish produce more eggs. More eggs mean more fry. Many of these youngsters then grow up and move out of the safe zone, thus becoming available to catch in adjoining areas where fishing is permitted…

MPAs are especially beneficial for the worst-managed areas, most of which are tropical—and in particular for overfished species…They also have the virtue of simplicity. The setting of quotas is open to pressure to overestimate of how many fish can safely be caught…This is difficult enough for countries with well-developed fisheries-research establishments. For those without such it is little more than guesswork…Setting the rules for an MPA is, by contrast, easy. You stick up a metaphorical sign that says, “No fishing”. Knowing who is breaking the rules is easy, too. If your gear is in the water, you are fishing illegally.

Excerpt from Fishing: Stopping some fishing would increase overall catches. Economist, Oct. 31, 2020

The Industrial Chicken and the US-China Rivalry

Animal diseases, the US-China trade war and covid-19 have all disrupted, or threatened to disrupt, industrial chicken supplies and supply chains…The unsentimental logic of high-performance poultry-rearing is easy to grasp. “White-feather meat chickens”, as they are known in China, grow to 2.5kg in 40 days. Homegrown varieties of “yellow-feather chicken”, descended from backyard fowl, take twice as long to mature and will only ever weigh half as much…

Half a century ago meat in China was a rare luxury. Now, many see it as a daily necessity. In the meantime, the country’s supplies of farmland and clean water have not grown. Agriculture remains blighted by food-safety scandals, the rampant use of fake or illegal animal medicines, and disease outbreaks. Small surprise, then, that Chinese leaders give frequent speeches about food security. A puzzle lurks, though. Leaders also call for self-reliance in key technologies. And in the case of broiler chickens, those two ambitions—rearing meat efficiently and avoiding dependence on imports—are in tension.

The chicken imported into China are the fifth-generation descendants of pedigree birds whose bloodlines represent 80 years of selection for such traits as efficient food-to-meat conversion, rapid growth, strong leg bones and disease resistance. After waves of consolidation, the industry is dominated by two firms, Aviagen (based in Alabama and owned by the ew Group of Germany) and Cobb (owned by Tyson, an American poultry giant).

The most valuable pedigree birds never leave maximum-security farms in America and Britain: a single pedigree hen may generate 4m direct descendants. Their second-generation offspring are flown to breeding sites dispersed between such places as Brazil, Britain and New Zealand, in part to hedge against supply shocks when avian influenzas and other diseases close borders. Day-old third-generation chicks are air-freighted to Jinghai Poultry, a company in China, and other places, which spend six months growing them and breeding them in climate-controlled, artificially lit indoor facilities. In all, China imports 1.6m third-generation white-feather chicks a year.

Jinghai  Poultry hatches 8m fourth-generation, “parent stock” chickens annually. The company sells some to other agri-businesses. It breeds from the rest to produce fifth-generation chicks. These are “meat chickens”, consumed in fast-food outlets, schools and factory canteens, or as chicken parts sold in supermarkets. Yellow-feather chickens, deemed tastier by Chinese cooks, account for most whole birds sold in markets.

Chinese breeders have long tried to create local varieties with bloodlines available in-country… In September 2019, the State Council, China’s cabinet, issued a paper on livestock-rearing that set self-sufficiency in poultry as a goal, calling meat-chicken breeding a priority. Big foreign firms have resisted appeals from officials to send second-generation stock to China….Dependence on foreign bloodlines does carry risks. For several months recently New Zealand was one of the only countries able to send third-generation chicks to China, after other exporters suffered bird-flu outbreaks.

Li Jinghui, president of the China Broiler Alliance, an industry association, calls conditions ripe for China’s “brilliant” scientists to develop local birds… But to develop a domestic breed from scratch would take years, and if it does not meet market needs, a firm could spend a fortune “without much to show for it”…Without a stronger animal-health system and environmental controls, biotechnology alone cannot help China to develop world-class agriculture. Moreover, a long-standing Chinese strategy—bullying foreign firms to hand over intellectual property—is counter-productive now.

Excerpts from High-tech chickens are a case study of why self-reliance is so hard, Economist, Oct. 31, 2020

Lots of Money Forever for Waste that Lasts for Forever: Nuclear Waste in Japan

Since August 2020, two local governments on the western shore of Hokkaido in Japan have said they will apply to the central government for a survey that could eventually lead to their municipalities hosting a permanent underground repository for high-level radioactive waste. The fact that these two localities made their announcements about a month apart and are situated not far from each other was enough to attract more than the usual media attention, which revealed not only the straitened financial situations of the two areas, but also the muddled official policy regarding waste produced by the country’s nuclear power plants.

The respective populations of the two municipalities reacted differently. The town of Suttsu made its announcement in August 2020, or, at least, its 71-year-old mayor did, apparently without first gaining the understanding of his constituents, who, according to various media, are opposed to the plan…. Meanwhile, the mayor of the village of Kamoenai says he also wants to apply for the study after the local chamber of commerce urged the village assembly to do so in early September 2020. TBS asked residents about the matter and they seemed genuinely in favor of the study because of the village’s fiscal situation. Traditionally, the area gets by on fishing — namely, herring and salmon — which has been in decline for years. A local government whose application for the survey is approved will receive up to ¥2 billion in subsidies from the central government… Kamoenai, already receiving subsidies for nuclear-related matters. The village is 10 kilometers from the Tomari nuclear power plant, where some residents of Kamoenai work. In exchange for allowing the construction of the plant, the village now receives about ¥80 million a year, a sum that accounts for 15 percent of its budget. According to TBS, Kamoenai increasingly relies on that money as time goes by, since its population has declined by more than half over the past 40 years.

Since Japan’s Nuclear Waste Management Organization started soliciting local governments for possible waste storage sites in 2002, a few localities have expressed interest, but only one — the town of Toyo in Kochi Prefecture — has actually applied, and then the residents elected a new mayor who canceled the application. The residents’ concern was understandable: The waste in question can remain radioactive for up to 100,000 years.

The selection process also takes a long time. The first phase survey, which uses existing data to study geological attributes of the given area, requires about two years. If all parties agree to continue, the second phase survey, in which geological samples are taken, takes up to four years. The final survey phase, in which a makeshift underground facility is built, takes around 14 years. And that’s all before construction of the actual repository begins.

Neither Suttsu nor Kamoenai may make it past the first stage. Yugo Ono, an honorary geology professor at Hokkaido University, told the magazine Aera that Suttsu is located relatively close to a convergence of faults that caused a major earthquake in 2018. And Kamoenai is already considered inappropriate for a repository on a map drawn up by the trade ministry in 2017.

If the Nuclear Waste Management Organization’s process for selecting a site sounds arbitrary, it could reflect the government’s general attitude toward future plans for nuclear power, which is still considered national policy, despite the fact that only three reactors nationwide are online.

Japan’s spent fuel is being stored in cooling pools at 17 nuclear plants comprising a storage capacity of 21,400 tons. As of March 2020, 75 percent of that capacity was being used, so there is still some time to find a final resting place for the waste. Some of this spent fuel was supposed to be recycled at the Rokkasho Reprocessing Plant in Aomori Prefecture, but, due to numerous setbacks, it doesn’t look as if it’s ever going to open, so the fuel will just become hazardous garbage.

According to some, the individual private nuclear plants should be required to manage their own waste themselves. If they don’t have the capacity, then they should create more. It’s wrong to bury the waste 300 meters underground because many things can happen over the course of future millennia. The waste should be in a safe place on the surface, where it can be readily monitored.  However, that would require lots of money virtually forever, something the government would prefer not to think about, much less explain. Instead, they’ve made plans that allow them to kick the can down the road for as long as possible.

Excerpt from PHILIP BRASOR, Hokkaido municipalities gamble on a nuclear future, but at what cost? Japan Times, Oct. 24, 2020

How to Exploit the Secrets of the Ocean: DARPA

PARC, A Xerox Company, announced on October 22, 2020,  it has been awarded a contract by the Defense Advanced Research Projects Agency (DARPA) for the next development phase in the Ocean of Things. Initially announced by DARPA in 2017, the Ocean of Things project is deploying small, low-cost floats in the Southern California Bight and Gulf of Mexico to collect data on the environment and human impact. This includes sea surface temperature, sea state, surface activities, and even information on marine life moving through the area.

Xerox Ocean Float is Equipped with Camera, GPS and other sensors. Ocean of Things

“Oceans cover more than 70 percent of the earth’s surface, but we know very little about them,” said Ersin Uzun, vice president and general manager of the Internet of Things team at Xerox. “The floats gather data that we could never track before, enabling persistent maritime situational awareness.” Each solar-powered drifter has approximately 20 onboard sensors, including a camera, GPS, microphone, hydrophone, and accelerometer. The different  sensors can provide data for a broad array of areas including ocean pollution, aquafarming and transportation routes…Among other things, the float needed to be made of environmentally safe materials, be able to survive in harsh maritime conditions for a year or more before safely sinking itself, and use advanced analytic techniques to process and share the data gathered…PARC built 1,500 drifters for the first phase of the project and will deliver up to 10,000 that are more compact and cost-effective for the next phase. 

Excerpt from DARPA Awards PARC Contract to Expand Ocean Knowledge, XEROX Press Release, Oct. 22, 2020

By Hook or By Crook (or Both): How Iran Beats US Sanctions

Persian Gulf waters off Iraq have become a new, important waypoint for Iranian oil smugglers looking to avoid U.S. sanctions…Iranian tankers now regularly transfer crude to other ships just miles offshore the major Iraqi port of Al Faw, according to the officials. The oil is then mixed with cargoes from other places to disguise its origin, and it eventually ends up on sale in world markets, they say.


In one example from March 2020,  according to a shipping manifest reviewed by The Wall Street Journal, 230,000 barrels of oil from the state-run National Iranian Oil Co. were transferred to a vessel moored in Iraqi waters. The cargo was blended with Iraqi oil and passed to other ships, according to people familiar with the operation. The ultimate destination of the oil wasn’t clear.

The people familiar with the transfer said the operation was part of an increasingly common and lucrative business that involves transferring and mixing cargoes with other vessels multiple times and then selling the oil with documents that declare it is as Iraqi. Iraqi oil can be sold at a significant premium to oil of Iranian origin.

Iran has increasingly tried to find ways to get its crude to market despite the U.S. sanctions. Iran’s daily crude and condensates exports averaged 827,000 barrels a day in the first six months of this year, according to U.S. shipping-information company TankerTrackers.com. That is up 28% from the previous six months, but far below the level of 2.7 million barrels a day in May 2018 before the sanctions.

“We While some of Iran’s oil exports go to countries not aligned with the U.S., such as Syria and China, they often pass through allies such as the United Arab Emirates or Iraq, where their origin is being concealed, according to U.S. officials.

Excerpt from Sarah McFarlane and Benoit Faucon, Iraq Emerges as Hurdle to Enforcing Iran Oil Sanctions, WSJ, Oct. 24, 2020