Bound together by dislike for America, and confidence based on surging energy revenues, has appeared: an “axis of diesel”, as some have named it, comprising Russia, Iran and Venezuela. At least before the present financial crisis, the trio had been hobnobbing happily. Russia has sold billions of dollars’ worth of arms to Venezuela and blocked Western attempts to slap tougher sanctions on Iran. The Kremlin is also selling air-defence systems to the Iranians.
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