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Iran Economy Minister Warns: Sanctions 'Lose-Lose' Situation

In an interview with Al-Monitor's Laura Rozen, Iran Economy Minister Shamseddin Hosseini said that Iran looks to make progress at upcoming talks and encouraged the West to continue negotiating with Khamenei's representatives. He warned that energy sanctions could hurt the economies of those imposing thems more than Tehran.
Iran's Bank Governor Seyyed Shams Al-din Hosseini attends the G-24 Ministers session of the spring IMF-World Bank meeting in Washington April 24, 2009. REUTERS/Yuri Gripas (UNITED STATES POLITICS BUSINESS)

Shamseddin Hosseini is one of the only senior Iranian officials to violate a taboo: Twice a year, Iran’s minister of economy travels to Washington for meetings of the World Bank and IMF. As such, he is one of the only Iranian cabinet ministers to regularly travel to the capital of the country which broke off diplomatic relations with Iran after the 1979 Islamic revolution and US embassy hostage crisis.

In a wide-ranging interview with Al-Monitor at Iran’s mission to the UN in New York Friday [May 18, 2012], Hosseini, 44, was nonchalant about his rare vantage point on the current moment in international diplomacy with the Islamic Republic. World powers gather in Baghdad Wednesday [May 23] for a new round of high-stakes talks with Iran over some of the most sensitive aspects of its nuclear program. Even if the talks go well enough to proceed to a third meeting and Iran agrees to curb its 20%-enrichment work as a confidence-building measure, it is as yet unclear if Western powers have the intention or flexibility to delay or avert European Union sanctions on Iran’s oil exports set to go into effect July 1.

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