US obliged to oil sanctions against Iran

Iranian Vice-President for Parliamentary Affairs Mohammad Reza Mir Tajeddini downplayed sanctions against the Islamic Republic, stressing that an embargo on Tehran's oil sector has been defeated "in practice." "The US will undoubtedly have no option but to retreat from Iran's oil embargo," Mir Tajeddini said on Friday. "In a clear retreat, the US exempted 11 countries from oil sanctions against Iran. The hostile US policy of imposing sanctions on the Iranian oil sector is, undoubtedly, a failure," he added. The vice president emphasized that oil sanctions against Iran failed because many countries regard promotion of their energy diplomacy through receiving oil from Iran due to the country's international position. On the New Year's Eve, Washington imposed new sanctions on Iran to penalize countries for importing Iranian oil or doing trade with its central bank. On March 20, however, US exempted 11 nations, including 10 European Union (EU) members and Japan, from tough new sanctions on Iran. The exemption covers financial institutions from Belgium, Britain, the Czech Republic, France, Germany, Greece, Italy, Japan, the Netherlands, Poland and Spain. Mir Tajeddini lauded the increasing progress and accomplishments in Iran's oil industry and said the country is among the main oil suppliers in the world. Enemies are well aware that they cannot block the rapid progress of Iran's development and advancement and they have always suffered a defeat against the Islamic Iran, he pointed out. After months of debates, the EU member states eventually reached an agreement in their meeting on January 23 to sanction oil imports from Iran and freeze the assets of Iran's Central Bank within the EU. Meantime, demand is growing for Iranian crude oil in Asian and African markets after the EU's fresh decision. Iran is currently supplying 100% of Sri Lanka's oil needs, 51% of Turkey, 25% of South Africa, 14% of Greece, 13% of Italy and Spain, 11% of India and China and 10% of Japan and South Korea's oil demands.