Dec 26 2011
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FM: Sanctions on Iran oil sector failing
"Most of Western countries do not consider these sanctions practical and do not sacrifice their national interests for the political objectives of the US and a limited number of Western allies," Ramin Mehmanparast said on Sunday.
On December 15, The US Senate endorsed punitive measures against financial institutions to dissuade them from doing transactions with Iran's Central Bank by threatening to cut them off from United States' financial system.
On November 21, the United States, Britain and Canada announced new sanctions on Iran's energy and financial sectors.
The sanctions came after the International Atomic Energy Agency (IAEA) released its latest report on Tehran's nuclear program on November 8, accusing Iran of seeking to weaponize its nuclear technology.
The US, the Israeli have used this allegation as a pretext to convince the UN Security Council to impose four rounds of sanctions on Iran.
Tehran has categorically refuted Western allegations, saying that as a signatory to the Nuclear Non-Proliferation Treaty (NPT), it has the right to acquire and develop atomic technology for peaceful purposes.
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