Trade sanctions on Iran, ‘ineffective’: IMF

January 27, 2008

TEHRAN, -– The International Monetary Fund (IMF) has announced on Saturday that despite the global sanctions against Iran, the country’s volume of imports has remarkably increased in 2007, Fars News Agency reported.

Iran has imported over $40 billion worth of goods in last year, a real hike in comparison with less than $18 billion of 2002. Despite all the global pressures, the Iran’s volume of imports has doubled within the past 5 years, the report said.
“China, the United Arab Emirates (UAE), South Korea, Russia, India, Germany, Switzerland, France, Italy, and Britain were the main exporters to Iran in 2007,” IMF said adding, China’s exports to Iran exceeded those of all European countries.
The Security Council on Friday began to consider tougher sanctions on Iran that were agreed to by six major powers, including a travel ban on officials involved in the country's nuclear and missile programs, a halt to trade in sensitive nuclear technology and ""vigilance"" on transactions with two banks