EU Sanctions Will Prove Disastrous For European Economies: Analyst

Islamabad, Feb 29, IRNA -- A Pakistani analyst on Tuesday said that European Union (EU) sanctions against Iran’s oil exports would bear no fruit and hit the European economies. Talking to IRNA, Khalid Rahman,Director General of Institute of Policy Studies (IPS) said that West is targeting Islamic Republic to please Americans. “A conspiracy is gong on against Iran,” he viewed. The researcher said that Iran’s decision to cut oil supplies to those countries which have imposed sanctions on the Islamic Republic is justified and logical. The analyst said that Iran is a major oil exporter to many European countries and the decision of Iran will definitely hit the European economies. He said that West should solve all issues with Iran through diplomatic channel. Khalid Rahman warned that policies of coercion always produce adverse result. The intellectual advised western countries not to effect the global environment by adopting aggressive policies. Khalid Rahman expressing his views said that Iran has a right to acquire nuclear technology for peaceful purposes under Nuclear Nonproliferation Treaty (NPT). Tehran has categorically refuted western allegations against its nuclear program, saying that it has the right to acquire and develop atomic technology for peaceful purposes. The European Union has recently banned imports of oil from Iran joining the United States in a new round of measures. The latest sanctions by the European Union will be fully enforced by July 1. The sanctions on Iran oil is fraught with risks — of rising energy prices and global financial instability. Iran in reaction to the EU sanctions has stopped selling crude oil to British and French companies. “Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers,” spokesman Alireza Nikzad had said./end