Iran says US sanctions will not work

Published January 2nd, 2012 - 08:21 GMT
Iranian president
Iranian president

“The sanctions would harm everyone and make the global banking system more vulnerable. They will be harmful for both sides.” . In these words Mohammad Nahavandian, the head of the Iranian chamber of commerce, slammed the planned U.S. sanctions against the Central Bank of Iran.

U.S. president Barak Obama signed on Saturday the Defense Department budget which takes into consideration the forthcoming sanctions on the Central Bank of Iran which is considered as the main channel for Iranian money derived by Iran’s global oil trade.

The sanctions include all countries and foreign banks which are doing business with the Iranian central bank. The goal of these sanctions is to put pressure on Teheran to give up its uranium enriching program.

“In the past, sanctions did not succeed to harm the Iranian economy and also in this case we will find a way to bypass them” , Nahavandian was quoted as saying by the ISNA news agency.

Reports claim Obama opposes new sanctions because he fears they will lead to big increase in the oil prices. Consequently, this move will have a negative effect on the American economy. The US leader claims sanctions should be applied just only if the American security interests are under threat. (Source:

Nahavandian called the European countries not to follow the U.S. and to try to solve political conflicts by discussions and agreements.

The EU on the other hand intends to decide this month about new sanctions against Iran in order to make Tehran stop its nuclear program. 

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