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Iran shrugs off latest U.S. sanctions, trade suffers

(Reuters) – Iran castigated its U.S. adversary on Tuesday over new financial measures to disrupt Iranian commerce, and a default on payment for rice purchases highlighted the encroachment of sanctions on the staples of everyday life.

Lawmakers in Tehran vowed to ban crude exports to European countries even before an EU oil embargo takes effect.

The U.S. sanctions, targeting Iran’s central bank and giving U.S. banks new powers to freeze Iranian government assets, were the latest in a tightening web of international measures aimed at forcing the Islamic Republic to scrap sensitive nuclear work.

“It is an antagonistic move, psychological warfare which has no impact… There is nothing new, it has been going on for over 30 years,” Iranian Foreign Ministry spokesman Ramin Mehmanparast said, referring to three decades of U.S.-Iranian hostility.

Rice exporters said Iranian buyers had defaulted on payment for 200,000 tonnes of rice from their top supplier India in another sign that Western financial sanctions are disrupting trade, even in one of Iran’s food staples.

Full story: Iran shrugs off latest U.S. sanctions, trade suffers