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Report: Iran dismisses US sanctions on its Central Bank

By REUTERS

JANUARY 1, 2012 11:07

TEHRAN - Iran dismissed on Sunday Washington's move to impose new sanctions on financial institutions dealing with the Islamic state's central bank over the country's disputed nuclear program, the Students news agency reported.

President Barack Obama signed the bill, approved by Congress last week, which aims to reduce Tehran's oil revenues but gives the US president powers to waive penalties as required.

The head of Iran's Chamber of Commerce, Mohammad Nahavandian, rejected the move as "unjustifiable", saying such sanctions would have reciprocal consequences.

"The Iranian nation and those involved in trade and economic activities will find other alternatives," said Nahavandian.

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