You are here: Home » PTI Stories » National » News
Business Standard

Iran vows to 'proudly bypass' US sanctions

AFP  |  Tehran 

Iran's said the Islamic republic "will proudly bypass sanctions" by the that took effect on Monday targeting the country's and financial sectors.

"I announce that we will proudly bypass your illegal, unjust sanctions because it's against international regulations," Rouhani said in a televised speech.

"We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the who is so against law and international conventions," he added.

The measures described by as "the toughest sanctions ever" follow US Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with

The latest tranche aim to significantly cut Iran's exports -- which have already fallen by around one million barrels a day since May -- and cut it off from international

The has given temporary exemptions to eight countries -- including India, and -- to continue buying in a bid to avoid disturbing their economies and global markets.

But US vowed to push Iran's to zero.

"Watch what we do. Watch as we've already taken more off the market than any time in previous history," he told CBS's "Face the Nation" on Sunday.

says it wants a new deal with that curbs its interventions around the and missile programme -- demands that have been flatly rejected by

"Constantly they are sending us messages saying 'Let's sit and negotiate.' Negotiations for what?" said Rouhani.

"First, you respect the negotiations we already concluded, so that there are grounds for the next negotiations."

Rouhani said four countries had approached him during his visit to for the in September, offering to mediate with the US but he turned them down.

"There is no need for mediation. There is no need for all these messages. Act on your commitments, and we will sit and talk," he said.

Iran's economy was already suffering from major structural problems -- including major banking issues -- before Trump walked out of the nuclear deal.

But Trump's announcement in May helped fuel a run on Iran's currency that has seen the rial lose more than two thirds of its value, driving up prices and forcing the government to resort to for the country's poor. Rouhani came to power in 2013, vowing to rebuild ties with the world and attract billions of dollars in foreign investment.

The other parties to the nuclear deal -- Britain, France, Germany, and -- have all vehemently opposed the US move and vowed to keep trade going, though they are struggling to convince private companies to stand up to US pressure.

Most of the international firms who lined up to work in after the 2015 deal have been forced to leave, including France's Total, and Renault, Germany's

"Today, it's not just us who are angry with America's policies. Even European companies and governments are angry with America's policies," said Rouhani.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 13:25 IST