U.S. Sanctions Have Caused 'Serious' Damage to Iran, Tehran Says

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October 14, 2020

Iran's Ministry of Foreign Affairs said Monday that American sanctions "have caused serious monetary and financial damages to Iran," Radio Farda reported.

Saeed Khatibzadeh, spokesman for Iran's foreign ministry, said that Washington's "maximum pressure" campaign has created a shock effect on Iran's financial stability. He also said that Tehran will pursue legal recourse by filing for compensation from the United States via the International Court of Justice.

"The United States must make up for all the damage it has done to Iran," Khatibzadeh said. "Iranian people should not doubt that we will cash compensation for all damages cent by cent."

In recent years, American sanctions have decimated the Iranian economy. The rialIran's chief currency—has seen its value drop by over a third since June and now sits at an all-time low.

Last week, the Treasury Department further isolated Iranian financial networks by hitting 18 Iranian banks with sanctions"Our sanctions programs will continue until Iran stops its support of terrorist activities and ends its nuclear programs," Treasury Secretary Steven Mnuchin said. "Today's actions will continue to allow for humanitarian transactions to support the Iranian people."

In response to Washington's crippling sanctions regime, Iran has reached out to American adversaries like Russia and China for support.

While Tehran reaches out to Moscow and Beijing, Secretary of State Mike Pompeo met Wednesday with Saudi foreign minister Prince Faisal bin Farhan Al Saud to affirm bilateral ties between the United States and Saudi Arabia and combat Iranian malign activity.

"We are both committed to counter and deter Iran's destabilizing behavior," Al Saud said.

Published under: Iran