US failed in efforts to impose sweeping sanctions on Iran’s oil exports: CBI

Written by  Published by:Shiite News
Published in Iran
Saturday, 03 November 2018

Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati says the US has failed in its efforts to impose sweeping sanctions on the Islamic Republic of Iran’s oil exports.

In his latest Instagram post, Hemmati underlined that it is no secret any more that the US has failed to carry out its earlier threats to push down Iran’s oil sales to zero under various pretexts.
“The Central Bank of Iran has developed various plans to cope with the worst-case scenarios after the second round of the US sanctions is carried out. Meanwhile, we have managed to build up our foreign exchange reserves over the past months,” he said.
According to Hemmati, the Central Bank of Iran has been focused mainly on stabilizing foreign-exchange market over the past few weeks through promoting Iran’s national currency.
“I’m sure that the great Iranian nation will leave behind successfully the current volatile situation. We are now developing new plans to restore balance to the market and prevent from further inflation,” he noted.
The remarks come after the US administration earlier agreed to allow eight countries to continue purchasing Iran’s crude oil after Washington’s sanctions on Tehran take place next week.A senior administration official told Bloomberg that waivers were aimed at preventing oil price hikes and would be granted in exchange for continued import cuts.
Iran has vowed resistance in the face of Washington’s economic pressure. It is now in talks with other five signatories to the deal – France, Britain, Germany, Russia and China – to help keep the international document alive and blunt the impact of the returning US bans.
EU and E3 have jointly condemned Washington’s fresh sanctions on Iran’s economy, vowing to protect European firms doing business with Tehran.

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