'EU companies back down from Iran trade sanctions'

Iran has banned imports from 100 European companies as part of countersanctions against European Union.

 

“The decision by some European countries to ban Iran trade was a hasty decision and as was expected they have suffered the most [as a result of that decision],” Hamid Safdel, president of Trade Promotion Organization of Iran (TPOI), noted on Friday.

He added that Iran has given a suitable response to European companies which decided to ban trade with Iran, IRNA quoted him as saying.

“A large number of them immediately started negotiations [with Tehran] saying that they are not willing to lose the Iranian market and are looking for a peaceful solution to this problem,” Safdel added.

Addressing European companies, the official said the Iranian government attaches high importance to protecting its national interests and consumer rights and the continuation of European companies' activities in Iran hinged on their withdrawal from past positions.

On April 11, TPOI’s Vice President Sasan Khodaei told Press TV that Iran has banned imports from 100 European countries.

He added that Tehran had imposed sanctions against 100 European companies in line with the policy to counter “antagonistic measures” by the EU.

Tehran’s decision to counter hostile European measures against the country was made after EU foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of its Central Bank. The EU has also banned selling grains, diamonds, gold, and other precious metals to Tehran.

On February 15 Iran's Oil Ministry announced plans to cut oil exports to six European countries -- including the Netherlands, Spain, Italy, France, Greece and Portugal -- and in the first step, cut crude sales to British and French firms on February 19.

Tehran has so far cut oil exports to Greece, Spain and Germany and is considering halting crude exports to Italy as well.

The West accuses Iran of pursuing a military program under the cover of its nuclear energy work despite the fact that the International Atomic Energy Agency (IAEA) has found no evidence to this end.

Tehran refutes their claims arguing that as a committed member of the IAEA and a signatory to the Non-Proliferation Treaty it is entitled to peaceful uses of the nuclear energy.

Oil sanctions on Iran will rock global economy: Iran minister

Iranian Oil Minister Rostam Qasemi

 

“The mere announcement of the sanctions against Iran’s oil industry has led to an 18-percent hike in the oil prices in the global markets,” Qasemi said on Thursday.

The senior Iranian oil official said despite the sanctions, the country has inked “new contracts with new customers.”

“Iran has no problem in exporting its oil,” he added.

Last month, the International Monetary Fund (IMF) warned that if Iranian oil supplies are disrupted, crude prices may spike by up to 30 percent, sending shockwaves through the global economy.

"Clearly it would be a shock to economies if there was a major shortage of exports of oil out of Iran [and] it would certainly drive up prices," IMF Director Christine Lagarde said on March 20.

Tehran decided to cut crude exports to certain European countries after EU foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of the country’s Central Bank across the EU.

Iran has already cut oil exports to France and Britain as part of its countersanctions.

Last month, crude prices reached a peak after Tehran’s decision to adopt the counter-sanction measures, pushing gasoline prices in the US and the UK to record highs.