Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

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

Published 08/18/2018, 11:04 AM
Updated 08/18/2018, 11:04 AM
© Reuters. Leaders at G77 China Summit welcoming ceremony in Santa Cruz de la Sierra

© Reuters. Leaders at G77 China Summit welcoming ceremony in Santa Cruz de la Sierra

LONDON (Reuters) - Iran said on Saturday it would resist the pressures of U.S. sanctions by relying on its natural and human resources, as Washington pushes allies to cut economic ties with Tehran.

"It is a critical moment for our economy, but we are not in a dead end," Vice President Eshagh Jahangiri was quoted as saying by the state news agency IRNA.

"This country has plenty of human and natural resources that can rely on."

"The size of our oil and gas resources is number one in the world. In minerals and metals we are among the top 10 countries,” Jahangiri said.

Washington has withdrawn from a deal that had lifted sanctions on Tehran in return for curbs on its nuclear program.

Sanctions imposed in August target Iran’s trade in gold and other precious metals, its purchases of U.S. dollars and its car industry.

U.S. President Donald Trump has said a new round of sanctions will be imposed in November, targeting Iranian oil sales.

Iran’s Supreme Leader Ayatollah Ali Khamenei last week rejected Trump’s offer of talks.

© Reuters. Leaders at G77 China Summit welcoming ceremony in Santa Cruz de la Sierra

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.