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Western sanctions posing difficulties to Iran

Last Updated: Sunday, May 20, 2012 - 13:39

New York: Iran`s top economic planner has said that western sanctions are creating difficulties for Tehran, but added that the country can still survive the financial attack.

Iran`s Minister of Economic Affairs and Finance Shamseddin Hosseini said that the US and the European Union are putting themselves in a financial crisis by blocking Iranian oil exports.

He said slackened Iranian oil exports could globally raise gasoline prices.

The Wall Street Journal quoted Hosseini as conceding that European Governments have stopped fueling Iranian jetliner, while Iran`s central bank is increasingly being shunned internationally.

He also said that Iran`s trading partners in the Middle East, and in Central and East Asia remain resilient.

He said the sanctions have forced Tehran to develop its own indigenous business.

"The sanctions have created a lot of disturbances for us," Hosseini said while visiting Iran`s mission to the United Nations. "But we have overcome those challenges and difficulties, and are making up for what was lacking," he added.


First Published: Sunday, May 20, 2012 - 13:39

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