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US sanctions extension on Iran not to have great impact - expert

Nuclear Program Materials 7 December 2016 11:09 (UTC +04:00)
The extension of the US sanctions against Iran will not have great impact on Iranian economy, Behrooz Abdolvand, managing director of German Consulting company DESB GmbH focusing on Iranian energy market, expert on the Caspian region believes.
US sanctions extension on Iran not to have great impact - expert

Baku, Azerbaijan, Dec. 7

By Elena Kosolapova – Trend:

The extension of the US sanctions against Iran will not have great impact on Iranian economy, Behrooz Abdolvand, managing director of German Consulting company DESB GmbH focusing on Iranian energy market, expert on the Caspian region believes.

“The US policy has still some impact on the development of Iranian economy nevertheless Russia, China and Europe will expand their business with Iran in the future and won't accept US-exterritorial legislation. So extension of US sanctions won't affect the development of the Iranian economy and oil industry in general,” Abdolvand told Trend in an email.

Last week the US Senate voted to extend the president’s authority to impose sanctions on Iran for another decade, which was first introduced in 1996 to punish investments in Iran's energy industry based on accusations that Tehran was pursuing non-civilian objectives in its nuclear energy program. The measure should be signed by outgoing President Barack Obama to come into force.

Abdolvand noted that the extension of sanctions against Iran passed by the U.S. Senate does not mean, that the nuclear deal reached last year failed.

“The nuclear deal is not a bilateral agreement between USA and Iran but an international binding agreement signed also by the other members of the UN Security Council and Germany. So the USA cannot dissolve the agreement unilaterally,” the expert said.

Iran and the P5+1 (China, France, Russia, UK, US plus Germany) reached a nuclear deal (the Joint Comprehensive Plan of Action) in July, 2015. Under the agreement, Iran agreed to eliminate its stockpile of medium-enriched uranium, cut its stockpile of low-enriched uranium by 98 percent, and reduce by about two-thirds the number of its gas centrifuges for 13 years.

The agreement provides that in return for verifiably abiding by its commitments, Iran will receive relief from US, EU, and UN Security Council nuclear-related economic sanctions.

Follow the author on Twitter: @E_Kosolapova

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