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IMF says Iran sanctions 'tantamount to oil embargo'

By REUTERS

JANUARY 25, 2012 17:43

Financial sanctions against Iran my be "tantamount to an oil embargo", the International Monetary Fund (IMF) said in a paper published on Wednesday. According to the organization, the impact of sanctions which would halt Iran's oil exports could cause the price of oil to rise by 20 - 30 percent.

Turning to the global economic situation, the IMF wrote that global inflation should ease as world demand softens, but risks of "damaging deflation" have increased in some G20 member economies.

"Should growth turn out lower than expected, there is a risk that very large output gaps would lead to deflation in some countries, with damaging consequences where debt burdens remain high," the IMF said in the document presented at a G20 meeting in Mexico last week.

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