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Foreign Affairs

Iran to easily overcome US sanctions: Chinese analyst

Beijing, Iran's economy is capable to overcome the US sanctions with the least difficulty, a Chinese economic analyst has said, arguing that the measures are not supported by the international community.

US sanctions against Iran re-installed after the Washington withdrawal from the nuclear deal will not affect Iran's economic ties with the world, since they are unilaterally imposed without being approved by the international community, Qingyi Su told Islamic Republic News Agency (IRNA).

Iran and the five permanent members of the UN Security Council (the US, France, Britain, China, and Russia) plus Germany signed the nuclear deal, known as the Joint Comprehensive Plan of Action, in 2015. Iran accepted to curb its nuclear program in exchange for economic sanctions relief.

Despite several reports of the international nuclear watchdog confirming Iran's commitment to JCPOA, US President Donald Trump withdrew from the deal on May 8, 2018, calling it the worst deal ever. Washington has also re-imposed economic sanctions the first set of which will took effect on August 6.

'After the sanctions many big economies including the European countries, China and Russia have retained, or even boosted, their economic relations with Iran,' the Chinese analyst said.

As the analyst at the Institute of World Economics and Politics (IWEP) Chinese Academy of Social Sciences (CASS), he said that the measures will not affect Iran-China economic ties.

The prospect of the [Tehran-Beijin] ties is improving, he said adding that the new round of sanctions are very different from those in the previous years.

He stresed that the US is now alone and the world is on the deal and Iran side.

Qingyi added given the several agreement signed between Iran and China during the latest visit by President Rouhani to Beijing, the cooperation between the two countries will be continued even if the Europeans leave the deal.

The state-run companies are following the government's decisions, but the situation for the private sector is different because they seek their financial interests, according to the analyst.

Source: Islamic Republic News Agency - IRNA

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