Oil Embargo, Good Opportunity For Strengthening Non-oil Economy: Governor

Tabriz, July 12, IRNA – Governor of East Azarbaijan Ahmad Alirezabeigi said here Wednesday evening Iranian oil embargo must be taken advantage of in line with strengthening country’s non-oil economy. Speaking at a ceremony to commemorate the activists in industrial and mining fields of Tabriz province, Alirezabeibi pointed out that under the current economic conditions, adopting the strategy of “economic resistance” is the best policy, he emphasized, “Cooperation of the nation at the time of passing through a crisis is a need.” He noted that the past time threats and sanctions have all led to self sufficiency and blossoming in various fields, adding, “Such opportunities, too, must be employed at the service of achieving economic self sufficiency.” Alirezabeigi emphasized that austerity measures in the path of production must be loosened, adding, “Need for cooperation of the banks in this respect is felt more than ever before today.” The governor of East Azarbaijan province said, “The production sector suffers from low productivity, high costs, and wearing off of machinery, and the government’s efforts must be focused on solving these problems.” At the ceremony 45 job creators, veterans, and model units in industrial and mining fields, as well as former managers of commercial, industrial and mining field and the current head of the provincial Economy and Treasure Organization were commemorated at the event. The European Union has imposed restrictions on cooperation with Iran in foreign trade, financial services, energy sectors and technologies, and banned the provision of insurance and reinsurance by insurers in member states to Iran and Iranian-owned companies. On 23 January 2012, the EU agreed to an oil embargo on Iran, effective from July, and to freeze the assets of Iran's Central Bank. The next month, Iran symbolically pre-empted the embargo by ceasing sales to Britain and France, though some Iranian politicians called for an immediate sales halt to all EU states, so as to hurt countries like Greece, Spain and Italy who were yet to find alternative sources. On 17 March 2012, all Iranian banks identified as institutions in breach of EU sanctions were disconnected from the SWIFT, the world's hub of electronic financial transactions./end