Iran's economy remains strong and pumping as it still has plenty of resources to rely on, says Vice President Eshagh Jahangiri on Saturday. This statement of assurance comes amidst the on-going sanctions re-implemented by the US after its withdrawal from the 2015 Iranian nuclear accord.
According to Reuters, Tehran will continue to resist the pressures of the White House into giving up on its terms tied to the economic sanctions. As quoted by IRNA - a state-controlled news agency, Jahangiri admitted that the country's economy is definitely in its "critical moment" but not in a "dead end."
Iran should still be able to keep its economy afloat as it can still rely on its vast human and natural resources, the Vice President went on to tell the media.
Speaking of natural resources, Jahangiri pointed out that Iran remains as one of the top exporters of minerals and metals. Needless to mention, the Islamic Republic's oil and gas resources is still the "number one in the world" in terms of the size of its reserve.
Washington has long been pushing its allies to cut their economic ties with the Gulf state as it seeks to further restrict Iran's already struggling economy.
Countries like China, Japan, and even the European Union, expressed disagreement on Washington's renewed spat with Iran. Beijing, on its part, made it clear that it will continue to do business with the Islamic country and remain as one of the top importers of its crude oil products. The EU, on the other hand, reportedly activated several blocking initiatives to preserve the interests of its constituents as the Iran-US situation further escalates.
Trump, on May, has withdrawn from the Joint Comprehensive Plan of Action (JCPA) in light of recent investigations pointing out on Iran's violation of the said pact.
The treaty, which was signed by the UN and the US, along with the European bloc (including Germany, UK, and France) sought to delimit Tehran's nuclear activity in the Gulf region. In exchange for this, the signatories will lift the sanctions that had long been strangling Iran's economy.
With Trump's decision to make the agreement null and void, Iran is now put in a quite difficult position to make a trade of its primary product, crude, in the oil market.
The economic restrictions will come in two waves. The first, which was implemented earlier this August, nixes Iran's ability to trade using US dollars as well as trade its gold and precious metals.
The second wave is due this November and will particularly target Iran's oil sales.
