Hassan Rouhani: New US sanctions have no effect on Iran’s economy

Hassan Rouhani: New US sanctions have no effect on Iran’s economy

Hassan Rouhani: New US sanctions have no effect on Iran’s economy

Iranian President Hassan Rouhani said on Saturday that U.S. sanctions announced last week have had no effect on Iran's economy because Washington had already practically reimposed them earlier.

He went on to say that the new package of Iran sanctions had not influenced the country's economy as the United States had already used all the "bullets" that they had, and now had "nothing new to offer".

The administration of US President Donald Trump announced on November 5 the re-imposition of the "toughest" sanctions ever against Iran's banking and energy sectors with the aim of cutting off its oil sales and crucial exports.

The Iranian leader's remarks come a day after the U.S. hailed the success of new sanctions on Iran's economy.

While the United States decision to drop out of the Joint Comprehensive Plan of Action (JCPOA) between Tehran and world powers has started to bite Iran's economy, the other nations that joined the accord - France, Germany, the UK, Russia and China - have all vowed to stand by it. "Not enough yet, but it's beginning to have that effect", Bolton said. Secretary of State Mike Pompeo announced the reimposition of the sanctions on Monday, vowing the U.S. would be "relentless" in pressuring Tehran.

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"Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world".

Trump pulled out of the 2015 multilateral nuclear deal, complaining that it is a weak instrument and has also demanded Iran change its policies in the region.

The United States said on Friday Iraq can continue to import natural gas and energy supplies from Iran for a period of 45 days, so long as Iraq does not pay Iran for imports in USA dollars.

But the pain isn't over, with US National Security Adviser John Bolton warning of additional sanctions and US Special Representative on Iran Brian Hook warning that countries who continue to do business with Iran could be liable to penalties from the US, including being cut off from the US financial system, as well as the financial and environmental costs for any accidents in their territorial waters as insurance firms cut ties with Iran.

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