Russia's UN envoy has warned that slapping sanctions on oil-rich Iran over its controversial nuclear program would backfire on the world community as Tehran could retaliate by halting oil and gas exports. "If you impose sanctions theoretically on Iran, then it would be appropriate to ask: Who is imposing sanctions on whom: the international community on Iran or rather Iran on the international community?" ambassador Andrei Denisov told reporters.
"Iran is one of the major suppliers of oil and gas, so it will be a very strong blow on the international energy market - that is one clear consequence of imposing sanctions," the Russia ambassador said. He stressed that ongoing diplomatic efforts aimed "to try to solve the question without imposing sanctions." Oil traders also fear that Iran may use its energy weapon against the industrialised world in the face of possible sanctions.
But Iran, the second-biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC), insisted Tuesday it saw "no reason" to stop oil exports as it faced the threat of being hauled before the UN Security Council over its nuclear ambitions. The five permanent Security Council members -- Britain, China, France, Russia and the United States -- plus Germany agreed in London Tuesday to bring Iran before the Council, but, in a compromise with Russia, put off UN action until at least the next IAEA meeting in March.
A resolution was submitted at the watchdog International Atomic Energy Agency (IAEA), whose 35-nation board of governors is expected at a meeting in Vienna on Thursday to send the Iranian issue before the Security Council, which has the power to impose sanctions. Iran insists that its nuclear program is a peaceful effort to generate electricity, but Europe, the United States and Israel fear it may be a cover for developing nuclear weapons. Moscow wants time to find a compromise solution.
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