(Bloomberg) — Russia and China vetoed a United Nations Security Council resolution that would have encouraged countries to coordinate defensive efforts to reopen the Strait of Hormuz, amid concerns that the text could tacitly condone military action in the waterway.
The resolution received 11 votes in favor, but failed because Russia and China — as veto-wielding permanent members of the UN Security Council — opposed it. The vote followed days of negotiations and pressure from several Gulf countries to restore free passage through the strait.
The document, presented by Bahrain, would have encouraged countries to “coordinate efforts, of a defensive nature, proportionate to the circumstances”, to guarantee the safety of navigation through the strait.
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The vote came about eight hours before the Tuesday 8 p.m. deadline set by President Donald Trump for Iran to reopen the strait. He threatened to order airstrikes against the country’s civilian infrastructure if Tehran did not comply with the demand.
Speaking to the council shortly after the vote, US Ambassador to the UN Mike Waltz — who supported the motion — threatened Iran and referred to the 1979 hostage crisis by saying that “the first act of the Iranian regime was to take dozens of Americans hostage.”
“Now, it is taking the Strait of Hormuz hostage — and in doing so, trying to take the world economy hostage,” Waltz said. “Well, colleagues, this may be your last act. We’ll see.”
How the war in Iran affected the market
| Active | Price on 02/27 | Price today (2pm) | Variation (%) |
|---|---|---|---|
| Brent Oil (US$) | 72,87 | 110,25 | +51,30% |
| WTI Oil (US$) | 67,29 | 115,29 | +71,30% |
| Ibovespa (points) | 188.787 | 187.235 | -0,82% |
| PETR4 (R$) | 39,33 | 48,64 | +23,60% |
| S&P 500 (pontos) | 6.878,88 | 6.583,95 | -4,28% |
Global energy prices have soared since threats of Iranian retaliation effectively closed the Strait of Hormuz in late February following US and Israeli attacks that opened the current war against Tehran. The route typically carries one-fifth of the world’s oil and liquefied natural gas exports.
Trump has repeatedly demanded that the strait be reopened as part of negotiations to end the six-week conflict.
Before Tuesday night’s deadline, Trump wrote on social media that an “entire civilization will die tonight” if Iran does not capitulate. Amid the threats, Iran tightened its control, imposed a system of tariffs on the waterway and continued to attack energy infrastructure in neighboring Gulf nations.
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Russia, which is an ally of Iran, expressed its disapproval of the resolution on Friday, with Foreign Minister Sergei Lavrov saying it would disrupt “very fragile chances for negotiations”.
At Tuesday’s Security Council session, Russia’s UN Ambassador Vasily Nebenzya echoed these comments, adding that the vetoed resolution would have set a dangerous precedent and granted “carte blanche” for continued aggression and escalation in Iran.
“What this would entail, both from a legal point of view and the implications for the situation on the ground, is clear to us,” he said. “Especially at a time when we hear statements from the US president about readiness to destroy Iran if the Strait of Hormuz is not opened.”
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The resolution was initially intended to authorize the use of force to help reopen the strait, but Bahrain softened some of its language in an effort to avoid potential vetoes.
The UAE and Saudi Arabia have considered joining the US-Israeli war as Iran continues to target major energy facilities and keep the Strait of Hormuz closed, Bloomberg previously reported. Last week, the United Arab Emirates asked the UN to authorize a series of measures — including force — to reopen the strait.
UN Secretary-General António Guterres defended freedom of navigation last week, telling reporters that “when the Strait of Hormuz is strangled, the world’s poorest and most vulnerable cannot breathe.”
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