News ID: 234051
Published: 0402 GMT November 10, 2018

Economy minister: Iran experienced in confronting sanctions

Economy minister: Iran experienced in confronting sanctions

Iran's Economy Minister Farhad Dejpasand downplayed the impacts of the latest US sanctions, noting that Tehran has gained lots of experience in bypassing and coping with embargos in past decades.

"Living through sanctions conditions is not difficult. We have become experienced in the past 40 years in confronting sanctions," Dejpasand told reporters in Tehran on Saturday, reported Fars News Agency.

Noting that Iran will use all economic opportunities to confront enemies, he said, "We have earned good and effective experience in confronting sanctions since the start of the Islamic Revolution and we have devised proper plans to confront the economic embargos."

His remarks came hours after Iranian President Hassan Rouhani said American officials had admitted their incapability to stop Iran's crude sales, and the US sanctions would only leave negative impacts on imports of foodstuff, medicine and medical equipment.

According to US Treasury Secretary Steven Mnuchin, the sweeping sanctions will see 700 entities blacklisted, including people who were granted relief under the 2015 deal, as well as over 300 new names.

Speaking to reporters on Friday, Mnuchin said the sanctions will also target payments made through the EU's SPV channel.

He further warned global financial messaging service SWIFT that it could be punished if it doesn't cut off financial services to entities and individuals doing business with Iran.

"SWIFT is no different than any other entity… We have advised SWIFT that it must disconnect any Iranian financial institutions that we designate as soon as technologically feasible to avoid sanctions exposure," he stated.

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