Expert: U.S. sanctions extension on Iran not to have great impact
By Trend
The extension of the US sanctions against Iran will not have
great impact on Iranian economy, Behrooz Abdolvand, managing
director of German Consulting company DESB GmbH focusing on Iranian
energy market, expert on the Caspian region believes.
“The US policy has still some impact on the development of Iranian
economy nevertheless Russia, China and Europe will expand their
business with Iran in the future and won't accept US-exterritorial
legislation. So extension of US sanctions won't affect the
development of the Iranian economy and oil industry in general,”
Abdolvand told Trend in an email.
Last week the US Senate voted to extend the president’s authority
to impose sanctions on Iran for another decade, which was first
introduced in 1996 to punish investments in Iran's energy industry
based on accusations that Tehran was pursuing non-civilian
objectives in its nuclear energy program. The measure should be
signed by outgoing President Barack Obama to come into force.
Abdolvand noted that the extension of sanctions against Iran passed
by the U.S. Senate does not mean, that the nuclear deal reached
last year failed.
“The nuclear deal is not a bilateral agreement between USA and Iran
but an international binding agreement signed also by the other
members of the UN Security Council and Germany. So the USA cannot
dissolve the agreement unilaterally,” the expert said.
Iran and the P5+1 (China, France, Russia, UK, US plus Germany)
reached a nuclear deal (the Joint Comprehensive Plan of Action) in
July, 2015. Under the agreement, Iran agreed to eliminate its
stockpile of medium-enriched uranium, cut its stockpile of
low-enriched uranium by 98 percent, and reduce by about two-thirds
the number of its gas centrifuges for 13 years.
The agreement provides that in return for verifiably abiding by its
commitments, Iran will receive relief from US, EU, and UN Security
Council nuclear-related economic sanctions.
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