European businesses frown on sanctions against Iran

Iran Materials 16 October 2010 11:46 (UTC +04:00)

The president of Iran Chamber of Commerce, Industries and Mines said that the sanctions imposed on the Islamic Republic are political and the European economic society is by no means in favor of them.

Mohammad Nahavandian, who is currently in Belgium to take part in the European Parliament of Enterprises conference, addressed a gathering of Iranian businessmen residing in that country.

He said that the U.S., and the West in general, had amplified economic sanctions against Iran, while the volume of economic trade between Iran and Europe in the past decade has risen significantly.   

Nahavandian stated that European companies' are putting pressure on their governments to bypass the sanctions on Iran without necessarily changing their country's political stance.  

The Iranian economic boss maintained that this matter shows that there is a kind of inconsistency between the political and economic objectives of the western countries sanctioning Iran.

"Nonetheless, we should refrain from agreeing to further sanctions because their end result of it is an increase in costs," he pointed out.