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Iran minister says sanctions a 'lose-lose game'

By REUTERS

NOVEMBER 21, 2011 16:10

TEHRAN - Iran's trade minister said on Monday sanctions were hitting the economy but warned Western countries threatening to tighten the measures that they were harming their own interests.

In a change of tone from Tehran's usual line that sanctions have not damaged the economy, Iranian Industry, Mine and Commerce Minister Mehdi Ghazanfari said the West was losing out too.

"Sanctions are a lose-lose game in which both side make a loss. If they don't invest in our oil projects, they will lose an appealing market," Ghazanfari told a news conference.

The comments came ahead of an expected announcement by the US Treasury Department later on Monday designating Iran an area of "primary money laundering concern" a move allowing it to take steps to further isolate Iran's financial sector.

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