Iran President Ahmadinejad: “Sanctions will weaken US dollar; the era of the dollar has passed.”
Iranian President: “Our proud nation will never compromise on its independence, integrity, and will for justice and war against all opposition.” - “The sanctions will serve as a springboard for local industry and domestic products and trade.” - “These measures against us are perceived as dictatorial and as psychological warfare aimed to force us to compromise.”

Iranian president Mahmoud Ahmadinejad referred to the wave or US and EU sanctions against his country with contempt, claiming that they will only aid the weakening of the dollar in foreign currency markets and in the global economy as a whole.

Ahmadinejad made it clear that the countries that participated in the US sanctioned “prevented themselves of any involvement with the Iranian economy.” So reports the Iranian news agency. The Iranian president did not specify the steps his country would take in order to overcome the sanctions, and only emphasized that they would serve as a springboard for domestic manufacturing and the globalization of Iranian products.

“The US and EU’s moves against us are an example of dictatorship, and are perceived as psychological warfare with the purpose of causing us to compromise on our principles,” said Ahmadinejad.  “Our proud nation will never compromise on its independence, integrity, and its will for justice and war against all opposition,” he said.

The Iranian figurehead claimed that time is up for all those countries that participated in the sanctions, in that they negated themselves when they joined this “draconian” effort. How Ahmadinejad planned to ensure that their time was up remained unclear.

A Fourth Round of Sanctions

I should be mentioned that two weeks ago, the European Union passed another round of sanctions against Iran that limit its foreign trade, the banking services it receives, sanctions on its energy sector and its transportation industry. The moves join other sanctions taken by 27 countries in the international community against Iran due to its nuclear arming.

The new sanctions are designed to set “strict boundaries” on investment in Iran – the Islamic nation will not get technical or technological assistance from Europe, or transportation service and mail. Iranian companies will also be hurt in the area of mail and transportation, such as a ban on flying in European airspace, non-acceptance of credit requests, as well as insurance and other financial services.

The EU’s packae of sanctions are the fourth round on Iran—after those of the European Security Council in June, which were imposed after Iran refused a European demand to cease its uranium enrichment program and nuclear project. The Obama administration has also imposed similar sanctions on Iran as well as penalties on institutions that are helping Iran on its nuclear program.