Iran works with Europe to circumvent sanctions

Business Materials 7 November 2018 15:46 (UTC +04:00)

Tehran, Iran, Nov.7


A deputy member of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIM) has noted the importance of cooperation between Iran and European countries to circumvent the newly re-imposed US sanctions.

"We have been consulting with Europe over the banking transfers during the past months and we are looking forward to a resolution from the European countries, but as the Foreign Minister Javad Zarif mentioned the result will not be achievable short term," Hossein Salimi told Trend.

The United States announced a new raft of sanctions on Iran on Monday, but granted exemptions to eight countries, allowing them to temporarily continue buying Iranian oil.

"Despite bank transfer problems, we will receive goods instead of money from the following 8 countries," said Salimi.

"However the sanctions have affected the transfer of Iranian goods by air and sea. Currently Iran's ships to India and Egypt have been sanctioned so to continue the trade we are waiting for reaction of these two countries.” he added.

"Except air passenger transport, most of Iranian airlines face problem and bans as far as transferring of goods goes," he said.

According toSalimi, the government has applied the necessary precautions to avoid extreme changes in the exchange rate.

"Due to emphasis of officials including Vice President and Head of Central Bank, the country's foreign exchange reserves are at the right level, so there is no problem with the exchange rate," he said.

Salimi indicated that psychological atmosphere of the sanctions has affected the currency market before the Trump administration re-imposed the sanctions.

"Iran's economy has been turbulent even before the current sanctions, so the damage has already been done, it won't get worse," Salimi believes.