Deputy FM says forex reserves ‘immune’ to new sanctions
Iran’s deputy foreign minister for economic diplomacy said on Friday that the country’s foreign exchange reserves and trade structure are designed to withstand the impact of new Western sanctions.
Hamid Qanbari said Iran had changed the way it handled its forex reserves prior to the latest rounds of sanctions.
"In the past we kept our foreign exchange resources in official accounts at banks, but due to US sanctions and even before the European Union sanctions, we decided to change this method. Today reserves are maintained in mechanisms that are immune to sanctions, and this approach continues," ISNA quoted Qanbari as saying.
He added that both Iranian exporters and importers have adapted to sanctions conditions. "Exporters know how to receive their money under sanctions, and importers know how to make foreign payments," Qanbari said, adding that current trade will not be disrupted by what he called "first-generation sanctions."
Britain, France and Germany on Thursday triggered a 30-day process to reimpose UN sanctions on Iran, accusing Tehran of violating the 2015 nuclear deal. The accord, known as the JCPOA, limited Iran’s nuclear program in exchange for sanctions relief, with a “snapback” mechanism allowing penalties to return if breached. The E3 warned for weeks that sanctions could be restored before the pact expires in October. Iran called the move “unjustified, illegal, and lacking any legal basis.”
Qanbari said Iran’s current economic structure, particularly in foreign reserves and trade, limits the impact of the latest measures. "The Islamic Republic of Iran will continue its path to neutralize external pressures," he said.
He acknowledged that sanctions affect the economy but said their consequences vary. "Some argue that just as Iran’s economy was damaged by sanctions in the past, it will suffer the same today. I am not saying sanctions are ineffective, but I must emphasize that not all sanctions have the same effect," he said.
According to Qanbari, Iran faces different kinds of sanctions — symbolic measures, paralyzing sanctions, targeted restrictions, and those that directly affect ordinary people or specific sectors of the economy. "Therefore, they cannot all be assessed at the same level," he said.