Iran says U.S. sanctions will have ’reciprocal consequences’

TEHRAN,Jan.2(MNA)--The head of Iran's Chamber of Commerce, Industries and Mines, Mohammad Nahavandian, said that the new sanctions passed by the U.S. against the Islamic Republic would have reciprocal consequences. He rejected the move as "unjustifiable", saying that the Iranian nation and those involved in trade and economic activities will find other alternatives," . He went on to say that the U.S. has lost its status as a trading partner of Iran and the EU’s share in Iran’s trade had declined. Nahavandian said European countries should not miss the investment opportunity in an emerging market like Iran. "Considering the economic crisis in Europe, the European companies are after finding new markets. So, political disputes should not have an impact on trade relations," he said. U.S. President Barack Obama has signed into law a bill including tough new sanctions against Iran. The law cuts off from the U.S. financial system foreign firms that do business with Iran's central bank, Reuters reported.