Geithner to Travel to China, Japan to Discuss Iran Sanctions

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This is an interesting article in my opinion,These actions raises a lot of questions. In my opinion, I can't see Iran cutting off their income. It does not make sense for Iran to do this.

* Geithner to Travel to China, Japan to Discuss Iran Sanctions-Published: Wednesday, 4 Jan 2012 | 1:08 PM ET
http://www.cnbc.com/id/45872502

" Geithner's trip is the latest step in an accelerating U.S. effort to reduce Iran's oil revenue and try to force the country to abandon its suspected nuclear weapons program. At the same time, the Obama administration wants to avoid a spike in crude prices that could threaten the global economy. The Treasury Department said Geithner would "discuss our continued coordination with international partners in the region to increase pressure on the government of Iran, including financial measures targeting the central bank of Iran." President Barack Obama on Saturday signed into law new sanctions against financial institutions dealing with Iran's central bank, the main conduit for the country's oil revenues. China, the No. 1 customer for Iran's oil, is unlikely to be swayed by the new U.S. law, analysts have said. China's Foreign Ministry on Wednesday restated Beijing's opposition to the U.S.-led push for unilateral sanctions on Iran. Oil markets are closely eyeing the increased tension between Tehran and the West. The European Union is expected to consider by the end of the month whether to impose an oil embargo. Iran has warned it could choke off crude shipments through the Strait of Hormuz, a transit point for 40 percent of the world's oil, if sanctions were imposed. Many market participants, however, say the chance Iran will follow through with its threat is remote, and security analysts question whether it has the capability to shut the Strait. "