Azerbaijan, Baku, Oct. 6 / Trend, N. Umid/
Lifting western sanctions against Iran can be realized in a long-term period, Iranian Minister of the Economic Affairs and Finance, Ali Tayebnia said, Mehr news agency reported.
He went on to note that, hope on lifting sanctions in the new future is an illusion.
The sanctions has targeted Iran's bank system, he said, adding that even if negotiations with west progress and oil revenues flow the country, Iran will face problems linked to oil incomes.
It should be recalled that the U.S. and EU imposed sanctions targeted at the Iranian national currency the rial as well as the CBI.
The US imposed sanction against the CBI on Jan. 2012. The measure, which Congress passed as part of the 2012 National Defence Authorisation Act, penalises foreign financial institutions that do business with CBI.
On January 2012, the EU Council announced it would levy an embargo on Iranian oil exports. Furthermore, it stated that it would also freeze assets held by the CBI and forestall the trading of precious metals and petrochemicals to and from the country.
The new sanctions put restrictions on foreign trade, financial services, energy sectors and technologies and included a ban on the provision of insurance and reinsurance by EU insurers to the State of Iran and Iranian owned companies.
On July 1 U.S. imposed a new round of sanctions against anyone involved in Iran's auto industry and those caught using Iran's currency, the rial, for significant transactions.
The goal is to make the rial useless outside of Iran.
The U.S. and European sanctions have largely frozen Iran out of the international banking system, making it difficult to sell oil; the country's oil exports are down by more than half from presanctions levels of about 2.2 million barrels per day.
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