Europe faces blowback from sanctions on Russia & Iran: Analyst

Western sanctions on Iran and Russia are having a boomerang effect on Europe, a political commentator tells Press TV.

Shabbir Razvi, a political commentator from London, during an interview with Press TV on Tuesday said: “I don’t think it serves the interests of Washington or the European nations to keep Iran and Russia outside the matrix of international transactions and trade. It is having a boomerang effect.”

Razvi went on to say that, “each of the nations in the European Union is facing difficulties and if one is talking about interests, we should really have good trade relationships with Iran and Russia so that our people in Europe do not lose out.”

The remarks come as the Chamber of Commerce of the Russian Federation discusses providing more facilities for Iranian companies to invest in Russia and the development of bilateral trade ties between Moscow and Tehran.

Iranian President Hassan Rouhani says Iran and Russia’s common interests have strengthened the two countries’ cooperation, and that Tehran and Moscow are determined to further improve ties.

Unilateral US-led sanctions imposed on Iran over its nuclear energy program and the recent Western sanctions against Russia over Ukraine have prompted the two countries to further boost economic cooperation.

Regarding the consequences of blowback on Europe, Razvi said, (6.10) “the West and Washington consensus has always seen that permanent interests are more important than permanent friends… What that statement indicates is that there is no morality or ethics in that kind of relationship.”

In September, Iran and Russia signed a memorandum of understanding to increase joint cooperation, agreeing to use their national currencies in bilateral trade.

Iran and Russia are also planning to establish a joint bank as an effort to increase bilateral trade and bypass sanctions on the Islamic Republic’s banking sector.

By Press TV

 

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