Word: embargo
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...made a similar visit to Moscow, may presage some kind of break, however modest, in the Arab-Israeli deadlock. Though Nasser went to Russia partly to seek more Soviet arms, the Russians seem to be chafing at the high cost of such aid, and have lately even proposed an embargo on further arms shipments to Middle Eastern countries. It may just be that they are out to convince Nasser that his future depends on being a bit more pliable...
Spreading Ripples. Some influential U.S. bankers have been prodding Washington lately to drop its insistence on the price fixed for gold in 1934. That heresy prompted rumors in Paris that the U.S. would embargo further sales of its gold. Two weeks ago, in a Senate speech, New York Republican Jacob Javits added to the doubts by urging that the U.S. pull out of the London gold pool, stop selling gold to foreigners on demand, support the dollar by buying and selling foreign currencies as other countries do. (The Treasury promptly denied any such intention.) Then there were reports that South...
...issue that Harold Wilson quickly grasped-if he did not pump it up on purpose-in order to reassert his party command. South Africa, it seemed, wanted to buy ?200 million worth of arms, and could Britain please forget its three-year-old support of the U.N. embargo to sell them? It appeared that there could scarcely be an easier way of uniting all Labor than giving it a chance to say no to the Vorster apartheid regime. But at least five ministers, led by Foreign Secretary George Brown, declined to go along with Wilson's decision...
First Saudi Arabia, then Kuwait, Libya and Iraq-the four major Arab oil-producing states-agreed to resume shipments in keeping with the deal struck two weeks ago by Arab heads of state at their summit session in Khartoum. Another three months of embargo, explained Egyptian Minister of Economy Hassan Abbas Zaki, would cost the West $770 million worth of oil but would deprive the Arab producers of $870 million of income. Only Algeria, the fifth-ranking producer, kept its embargo. And even that involved more symbolism than substance, since the overwhelming percentage of Algerian output goes...
Lebanon last week agreed to let oil companies resume shipments to the three Western nations from its Mediterranean ports. That oil comes via two separate pipelines from Iraq to Tripoli and from Saudi Arabia to Sidon. Both lines run through Syria, whose extremist regime opposed ending the embargo and could easily close either line by twisting a few valves. The Trans-Arabian pipeline, jointly owned by Texaco, Standard Oil of California, Standard Oil (N.J.) and Mobil Oil, has been shut since the fighting erupted. Because some 20 miles of it runs through former Syrian territory, now occupied by Israel...