West admits oil sanctions on Iran ineffective: official

An Iranian industry official says the country has dealt with Western sanctions on its oil industry by ramping up non-petroleum exports, adding the country is able to run its economy by reliance on non-oil revenues.

The US and Western powers have admitted that Iran has overcome the toughest pressures they have put on the country, saying Iran is shifting from petrodollars to revenues from non-oil exports, said Deputy Minister of Industry, Mines and Trade Alireza Shojaee.

“ … foreign Researchers have acknowledged that Iran has taken a new step, and even if it completely halts its oil exports, it will be able to run its own economy as an at least average country, and have a say in the world,” he said.

He said the country’s non-petroleum exports grew by 20 percent in the last Iranian calendar year (which ended on March 20, 2013).

Highlighting that non-oil exports are projected to cross the 50-billion-dollar mark by March 20, 2014, the deputy minister underscored that Iran currently exports more than 3,300 types of goods to well over 150 countries, which, he added, shows the country has “a very good trading system.”

He underlined that Iran’s industrial and mineral exports show a tremendous growth, which makes up for a drop in revenues in other sectors.

He said handicrafts and agriculture are among other sectors contributing to the country’s non-oil exports.

At the beginning of 2012, the US and the European Union imposed illegal sanctions on Iran’s oil and financial sectors in a bid to prevent other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Nevertheless, Iran has cushioned the impact of sanctions by pumping up non-petroleum exports and developing economic ties with other countries.

By Press TV

 

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