US commercial sanctions on companies doing business in Iran have given one Russian oil company second thoughts about assisting the Iranians with developing their oil industry:Citing American sanctions on foreign oil companies that invest more than $20 million in the Iranian economy, the vice president of Lukoil, Leonid Fedun, announced yesterday that work on the Anaran field has stopped. "We opened the largest field in Iran, but we can't work there because the U.S. State Department has banned third countries from investing more than $20 million," Mr. Fedun said at a press conference in Moscow.... If other Russian companies, such as Gazprom, follow Lukoil's lead, Iran will soon be left with only China's diplomatic support within the U.N. Security Council. To date, the Russians have opposed serious U.N. sanctions against Tehran and have sold Iran and Iran's ally Syria advanced air defense systems.Eli Lake, who penned this piece in the New York Sun, may be overstating the case...(Read Full Post)