Iran official: “Sanctions have proven futile”

2 Jul 2010

The volume of transactions in Iran’s investment market has seen a 10 percent growth despite new UN sanctions, an Iranian official says. The sanctions, targeting Iran’s nuclear program, were adopted last month. In addition, the US has expanded sanctions on Iran to punish foreign suppliers of gasoline and block banks doing business with the regime from the American financial system.
Behrouz Alishiri, Deputy Minister of Economic Affairs and Finance, said Thursday that the new sanctions have proved to be futile as the volume of transactions in Iran’s investment market has seen a 10 percent growth since the ratification of the UN resolution, IRNA reported.

The Iranian official further pointed out that according to the reports released by the International Monetary Fund, foreign investment in Iran has risen from $900 million in 2007 to $3 billion in 2009. Alishiri said that cheap energy resources and skillful human force were among the reasons behind foreign investment in the country. According to Alishiri, Iran’s stable economic condition has also attracted foreign investment to the country.

The sanctions however have already its effect on trade with Iran. France’s Total this week joined an expanding list of companies that have stopped gasoline sales to Iran, and Spain’s Repsol said it had pulled out of a contract to develop part of the country’s huge South Pars gas field in the Gulf.

source: PressTV, Reuters

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