Those who put sanctions on Iran - now buy its oil

Politics Materials 26 July 2016 14:50 (UTC +04:00)

Baku, Azerbaijan, July 26

By Farhad Daneshvar – Trend:

Iranian Defense Minister Brigadier General Hossein Dehqan has said that the implementation of the joint comprehensive plan of action (JCPOA/ nuclear deal) has prevented the West from imposing further restrictions on exporting Iran’s oil.

“If it wasn't for the JCPOA, Iran’s oil exports would've been cut down by 20% each six months,” IRNA news agency quoted him as saying July 26.

However, now with the implementation of the JCPOA, those who had imposed sanctions on Iran’s oil have turned into the Islamic republic’s oil customers, he added.

Admitting that Iran still faces difficulties in money transactions, the minister ruled out the idea that the difficulties in banking ties with the rest of the world are linked to the possible shortcomings in the nuclear deal.

Elaborating on the difficulties that Iran currently is experiencing regarding the banking ties, he noted that the issue is related to the embargo that the US placed on the Islamic Republic following the Iranian hostage crisis when a number of protesters stormed US embassy in Tehran, in November of 1979.

As a result of the implementation of the JCPOA, some parts of international sanctions on the Islamic Republic were lifted.

Many in Iran and around the world expected that the implementation of the JCPOA would give a huge boost to the country’s economy after almost a decade of isolation from the global economy.

However, the country’s banking system is still facing considerable difficulties in re-establishing ties with major international banks.