Taxable Iran Sanctions, Europe must Moaning

Minister of Economy and Finance of Iran says U.S. sanctions against Iran and the EU will only jeopardize the financial recovery in Western countries due to the reduction of Iran's oil exports will trigger a rise in global petrol prices.

"These sanctions have created many problems for us, but we have to overcome challenges and difficulties, and complete what is lacking," said Shamseddin Hosseini in an interview with The Wall Street Journal.

"Iran's trade with its partners in the Middle East and Central Asia and East Asia will be maintained, and the sanctions have helped Tehran develop indigenous business," he said.

In other parts Hosseini said the government of President Ahmadinejad was at the forefront to promote economic reform in Iran by implementing subsidy reform.

According to him, the plan has enabled Tehran to finance social safety nets for the poor project. "Iran's nuclear program and other scientific advances is critical for efforts to modernize the economy. This is the reason why the Islamic Republic has never given up the fight for its peaceful nuclear energy program, although it came under Western sanctions," he said.