Baku, Azerbaijan, Nov.19
By Elnur Bahgishov – Trend:
The re-imposed US sanctions give several messages to Iran, Mehrdad Emadi, an economic expert and consultant at the UK-based Betamatrix International Consultancy, told Trend.
“The first message is to reduce or even to bring down to zero the volume of Iranian oil and condensate exports. However, the US Treasury Department has acknowledged that it will not be possible at least within a short period of time, as in this case, the friendly countries of the US, especially, its strategic allies may face heavy losses. First of all, those countries are South Korea, Turkey and then India, which are among eight countries that have been granted sanctions waivers for a six-month period,” said the expert.
He went on to add that back in 2011, some European countries also got sanction waivers for six months to find an alternative to Iranian oil.
“Except for South Korea, other countries will use national currencies in their operations with Iran, which will significantly limit Iran’s currency inflow. For example, Turkish lira can be used only for buying products in Turkey, but not in EU. The same can be said about Indian currency,” said Emadi.
He noted that as a result, Iran’s economic growth will sharply slow down, especially, its revenues from oil sales will considerably decrease.