News ID: 233453
Published: 0426 GMT October 27, 2018

CBI official: Europeans not to abandon trade ties with Iran

CBI official: Europeans not to abandon trade ties with Iran

Domestic Economy Desk

Europeans are not willing to abandon trade ties with Iran due to a number of reasons, said a deputy head of the Central Bank of Iran (CBI) on Saturday.

With only a few days to November 4, when the second round of US sanctions on Iran will kick in, Washington has already done its best to block Iran's trade flow, added Hossein Yaqoubi Miab, the deputy head of CBI for international affairs, in an address to an expert meeting, IRNA reported.

On May 8, 2018, US President Donald Trump pulled Washington out of the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and P5+1 in July 2015, and announced that the White House will reimpose unilateral sanctions in two phases on Tehran, with the second wave expected to go into force on November 4.

"This is while, we, are making efforts to, thanks to our thoughtful planning, to reduce the costs of the sanctions [on Iran]," said Yaqoubi Miab.

He underlined that unilateral US sanctions are not as extensive as those of the United Nations, adding, that is why "we have more effective mechanisms to confront them".

He described the inflow of foreign currency revenues into the country as very favorable and said managing these resources and their inflow efficiently is of utmost importance at this time.

In the first few months after the JCPOA went into effect, the CBI official said, "We witnessed serious developments in the banking sector as domestic financial institutes once again could access the Belgian-based financial messaging service SWIFT and foreign countries began to transfer Iran's frozen funds and assets to the country."

He added that by withdrawing from the Iran nuclear deal, the US government sought to create serious problems for Iran's economy, but presence of the Europeans and their pledges alleviated the pressure on Iran.

Yaqoubi Miab said he thinks Europeans will not abandon the JCPOA for two reasons: First they are in an ongoing trade war with the US and second they seek to strengthen Europe's position in the global economy.


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