Excerpt

 The following ran on the July 4, 2012, edition of Iran's Press TV. Economist Ravi Batra provided expertise for this story.

Iran sanctions bad for world economy

 

July 12, 2012

On January 23, under US pressure, EU foreign ministers approved new sanctions against Tehran to prevent the union’s member states from buying Iranian crude or doing business with the Central Bank of Iran (CBI) and to freeze Iranian assets across the union.

The sanctions, which went into effect on July 1, are the result of claims by Washington and some of its Western allies that Iran's nuclear energy program contains a military component.

Iran has strongly refuted the US-led allegations that Tehran may be pursuing a military approach in its nuclear energy program, arguing that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has every right to develop and acquire nuclear technology for peaceful purposes.

Iran has warned the new round of sanctions will affect the crisis-hit economies of European countries and the US most.

Press TV has conducted an interview with Ravi Batra, professor at Southern Methodist University, to hear his opinion on this issue.

The following is a rough transcription of the interview....