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EghtesadOnline: The economic pressure that the United States is exerting on Iran using the dominance of its currency will be a source of trouble for this country in the long run, Iran's chief diplomat said.

Speaking at a ceremony to mark the National Day of Industry and Mine, Mohammad Javad Zarif added that the anti-Iran pressure campaign has created a global tendency toward non-dollar trade that will gradually undermine the status of the American currency in the world economy, IRNA reported. 

"Countries like Russia and China have recently decided to conduct trade without dollar; also last year, dollar was eliminated from 35% of Iran-Turkey transactions; even the UAE and India have decided not to use dollar in parts of their trade," he said. 

After quitting the 2015 nuclear deal, the US reimposed several rounds of sanctions on Tehran with the aim of restricting the country's international trade, Financial Tribune reported.

The remaining parties vowed to find ways of safeguarding Iran's interests by circumventing sanctions through a non-dollar system. 

European countries have devised a mechanism known as INSTEX (Instrument in Support of Trade Exchanges) to facilitate transaction with Iran, although for now, it only covers non-sanctioned goods. 

 

 

Strategic Value 

Zarif said the strategic value of INSTEX is in the alienation of America's closest allies from Washington. 

In the short run, however, he said Iran has to confront the US economic weapon by relying on national capacities and domestic production. 

"Over the past several years, Iran showed that it would respond with respect when respected and show resistance when pressurized. We will not yield to pressure … and will force them to treat our nation with respect and avoid ever threatening an Iranian," Zarif said. 

The foreign minister also stressed that the American pressure is not a sign of their power, but on the contrary, indicates their constant failures in regional and international arenas. 

The nuclear deal, he explained, enabled Iran to make progress and increase its influence in the region while the Americans were gradually isolated. 

According to Zarif, when efforts to gain international support for the anti-Iran campaign failed, the US used economic sanctions as its last resort. 

"America is seeking to break the resistance and [destroy] the livelihood of the Iranian people … We need to do our best to secure their livelihood and boost production," he said, calling on industrial and mineral firms to improve their operations to help meet this goal. 

 

Currency Pressure Us anti-Iran Dollar economic pressure Global Status Mohammad Javad Zarif added