World News

Iran says its economy not at 'dead end' from U.S. sanctions

Iran says its economy not at 'dead end' from U.S. sanctions

U.S. Secretary of State Mike Pompeo on Thursday named senior policy adviser Brian Hook as special representative in charge of the Iran Action Group to coordinate President Donald Trump's pressure campaign against the Islamic Republic following Washington's withdrawal from a nuclear deal with Tehran.

His overthrow, which is still given as a reason for Iranians' mistrust of the United Kingdom and the U.S., consolidated the Shah's rule for the following 26 years until the victory of the Islamic Revolution in 1979, led by Imam Khomeini, which toppled the US-backed monarchy.

Zarif made the remarks while addressing reporters in Tehran on Monday after attending a session at the Iranian Parliament's Committee on National Security and Foreign Policy in which he briefed the lawmakers on the current state of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the deal, which Trump said was "deeply flawed".

A leading Spanish company vowed to defy the U.S. sanctions against Iran and continue business with the Islamic country.

Oil Minister Bijan Namdar Zanganeh said France's Total has formally left a contract to develop Iran's South Pars Gas project.

Total, which signed the deal in 2017 with an initial investment of $1 billion, confirmed that it had notified the Iranian authorities of its withdrawal from the deal after it failed to obtain a waiver from USA sanctions. CNPC, which already has a 30 percent stake in the deal, is an experienced onshore oil and gas producer, but is relatively new to offshore drilling.

China also faces challenges supplying equipment such as large-scale compressors needed for developing the giant gas project, as leading manufacturers could be barred from supplying to Iran under USA sanctions.

Iran says its economy not at 'dead end' from U.S. sanctions
Iran says its economy not at 'dead end' from U.S. sanctions

Incidentally, with the USA sanctions being snapbacked on Iran, the European Union has prepared a new EU law aimed at shielding European companies from US sanctions; this is set to take effect in the near future.

This photo shows Iran's Supreme Leader Ali Khamenei receiving China's Xi Jinping in his house, showcasing the close cooperation between the two countries. Iranian officials have repeatedly rejected the offer.

'Nobody tells us what we can or cannot do, so we do what we want, ' Toledo concluded.

The US move to roll out an Iran Action Group (IAG) is aimed at toppling the Islamic regime, Foreign Minister Mohammad Javad Zarif said on Sunday.

Back in May, Washington withdrew from its multilateral nuclear agreement with Tehran, and said it would reintroduced the sanctions that had been lifted under the accord.

The diplomatic row is not likely to end in the near future, as President Trump intends to implement a second wave of sanctions in November, which are set to target Iran's oil and energy industries.

Iran's rial currency has lost about half of its value since April, driven mainly by heavy demand for dollars among ordinary Iranians trying to protect their savings.

More news: Several blasts heard in Afghan capital Kabul


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