The logic is for the IMF, the World Bank, and our friends to do more business with Iran, not less. After all, even Washington is finally doing business with Tehran. Carpets, pistachios, and caviar are not trivial to the Iranian economy. They represent Iran's major non-energy exports. Iran's carpet industry alone provides jobs for an estimated 5 million people.
Oil is fungible.
Iran has no trouble selling all of its oil production at today's high world price to an energy thirsty world. If we were to import Iranian oil, Iran would not benefit. In contrast, our recent action assures new markets and higher prices for Iran's most important non-energy exports. While the Iranian people's desire for reform is heartening, the government's actions have not reflected it in either its foreign or domestic policies. At the top of the list is Iran's support for terrorism, its nuclear ambitions and its deplorable human rights situation.