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TEHRAN-Iran should step up diplomatic efforts to head off sanctions over its nuclear program, arguing that they damage Western as well as Iranian economic interests, an Iranian business official told a newspaper published on Tuesday. Mohammad Nahavandian, head of Iran's industry and mines chamber of commerce, told Sarmayeh that Iranian import costs had risen 20 to 40 percent.The government has brushed off the impact of U.S. and U.N. sanctions on the Islamic Republic; but economists say they are raising the costs for Iranian traders, for example, to get credit-if they can get it all.An International Atomic Energy Agency report circulated on Monday said Iran was blocking an inquiry into whether it was developing an atomic bomb. Britain said it would press for further sanctions.Tehran has insisted such pressure will not make the country change course on its bid to master nuclear technology which it says it wants to generate electricity."International sanctions were unsuccessful in changing Iran's political behavior but it had economic costs for Iran," Nahavandian told the newspaper." Certainly these costs do not mean cutting commercial ties with other countries ... but the cost of imports and exports increased," he said.Executives say Iranian importers now face difficulties in opening letters of credit, a vital instrument in international trade, as many banks, particularly Western institutions, have been reining back or simply cutting off business with Iran.Those banks still ready to do business tend to charge a premium. If they cannot secure credit, Iranian firms often have to pay for goods up front before delivery, adding to risks.To read more go to:
As in the days of Noah...
