Iran’s Minster of Economy: Sanctions irreversible

Press TV- Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia says the US-led sanctions over the country’s nuclear energy program are “irreversible”.

Speaking at a conference on insurance industry development in Tehran, Tayyebnia reiterated that “the wall of anti-Iran sanctions have already collapsed”, with major foreign companies entering the country’s lucrative markets.

The Iranian minister also described the Joint Comprehensive Plan of Action (JCPOA) as an international agreement which “cannot be violated”.

“Any country seeking to violate its commitments (under the JCPOA) will lose its credibility and will be internationally isolated,” he was quoted as saying by IRNA news agency on Saturday.

The Iranian official said Tehran has fully implemented its commitments in this regard and it is expected that other sides comply with their obligations under the JCPOA.

Iran and the five permanent members of the UN Security Council – the United States, France, Britain, China and Russia – plus Germany started to implement the JCPOA on January 16.

Under the JCPOA, Iran undertook to put limitations on its nuclear program in exchange for the removal of nuclear-related bans imposed against Tehran.

Tayyebnia’s comments came shortly after the US Senate unanimously approved a 10-year extension of an anti-Iran legislation.

The so-called Iran Sanctions Act (ISA) authorizes US president to impose sanctions on Iran.

The measure, which has already been passed by the House, will be sent to President Barack Obama who is expected to sign it into a law.

The White House’s Principal Deputy Press Secretary Eric Schultz said Friday he “would expect” US President Barack Obama to sign the ISA.

Iranian officials have described the vote as violation of the JCPOA, warning that Tehran will take retaliatory measures.