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3 January 2012 - 13:47

Following new US sanctions against the Central Bank of Iran (CBI), a senior Iranian lawmaker says the Islamic Republic has adopted strategies to manage Washington's new economic scenario.

Banking sanctions will be detrimental to the United Stated and ultimately beneficial to Iran, said Deputy Chairman of the Majlis Committee on National Security and Foreign Policy Esmail Kowsari on Tuesday.

On January 1, US President Barak Obama signed into law fresh economic sanctions against the CBI and Iran's financial sector.

The bill requires foreign financial firms to make a choice between either doing business with the CBI and Iran's oil sector or with the US financial sector.

The Iranian legislator emphasized that the US-led economic sanctions have repeatedly been imposed on Tehran and stated that such moves have led to Iran's self-sufficiency in various fields.

Sanctions have been beneficial to the Islamic Republic, Kowsari said, adding that, Iran possesses great capabilities in confronting Western economic pressures.

The United States has already barred its own banks from dealing with the CBI. Thus, the new US sanctions are intended to dissuade other foreign banks from doing transactions with the CBI by threatening to cut off their access to US financial institutions.

The US sanctions as well as unilateral embargoes imposed on Iran's energy and financial sectors by Britain and Canada came after the International Atomic Energy Agency (IAEA) issued a report on Iranian nuclear program early November, accusing Tehran of seeking to weaponize its nuclear technology.

Despite the widely publicized claims by the US, Israel and some of their European allies that Iran's nuclear program may include a military diversion, Iran insists that its nuclear program has a civilian nature.

Tehran argues that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the IAEA, it has the right to develop and acquire nuclear technology for peaceful purposes.

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