Iran’s Oil Sector Ready to Tackle Potential Return of UN Sanctions: Minister

Iran’s Oil Minister Mohsen Paknejad says the country has been planning for a potential scenario in which the United Nations sanctions are re-imposed on the country as part of efforts by European powers to force Tehran to change its nuclear policy.

Speaking to reporters on Sunday, Paknejad said that Iran is ready to deal with the impacts of UN sanctions on its oil sector, including on exports, investment, and equipment imports.

He made the remarks amid threats by Britain, France, and Germany that they would trigger the so-called snapback mechanism under a 2015 nuclear deal between Iran and world powers if Tehran fails to reach a new agreement on its nuclear program in the upcoming months.

The move could allow for a return of six UN sanctions resolutions that were adopted between 2006 and 2010 in response to Iran’s alleged non-compliance with UN nuclear regulations.

Experts say a re-imposition of the UN sanctions would have almost no impact on Iran’s ability to supply oil to international markets, as they do not directly target Iran’s oil sector.

However, they say the sanctions can affect Iran’s oil-related financial dealings with other countries, including with China, which has been the largest buyer of Iranian oil at the height of US sanctions on the country in recent years.

Hamid Hosseini, a senior member of the Iranian Oil, Gas and Petrochemical Products Exporters Union, said that a re-imposition of UN sanctions under the snapback mechanism could allow for stricter monitoring of Iranian oil tankers and their movements in international waters.

Hosseini told the ILNA news agency that the sanctions could also cause China to ask for more discounts on Iranian oil shipments, adding that Beijing may also toughen its rules on how to deal with funds generated from Iranian oil exports. - Press TV