Fri Nov 9, 2012 3:35PM
File photo shows Shazand's Imam Khomeini oil refinery in the central Iranian city of Arak.

File photo shows Shazand's Imam Khomeini oil refinery in the central Iranian city of Arak.

Iranian Deputy Majlis Speaker Mohammad Hassan Aboutorabi-Fard says the global hegemonic system will suffer the most from sanctions imposed on Iran’s oil industry and banking sector. “The issue that they (the West) exclude some countries from the [ban] on purchasing Iranian oil and postpone the imposition of sanctions is because they need energy and they cannot easily ignore Iran’s [energy resources],” Aboutorabi-Fard said on Friday. “The financial and monetary system of the West has been damaged for different reasons and its credibility has been hurt in the [Middle East] region,” he added. The senior lawmaker stated that the Iranian nation would overcome sanctions with patience, resistance, social solidarity and following the guidance of the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei. At the beginning of 2012, the United States and the European Union imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. The sanctions entered into force in early summer 2012. On October 15, EU foreign ministers reached an agreement on another round of sanctions against Iran. The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program. Iran rejects the allegation, arguing that as a committed signatory to Non-Proliferation Treaty and a member of International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes. TE/HGH/SS
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