Iran prepares for economic sanctions
Azerbaijan, Baku, Jun.29/ Trend F.Milad/
Four Iranian economic officials held a meeting on Wednesday and prepared plans to deal with possible sanctions by the West in line with the EU sanctions against the Islamic republic.
Finance and Economic Affairs Minister Shamseddin Hosseini, Industry, Mine and Trade Minister Mehdi Ghazanfari, Oil Minister Rostam Qasemi, and Central Bank Governor Mahmoud Bahmani have submitted the plans to President Mahmoud Ahmadinejad, according to the Mehr News Agency.
EU foreign ministers agreed January 23 to a ban from July 1 on all imports of crude oil and petrochemicals from Iran, which last year exported an estimated 500,000 barrels per day of crude to the European market. The sanctions also ban dealings with the central bank of Iran and other state-owned financial institutions and banks, making it virtually impossible to transfer funds to Tehran.