He noted that the US sanctions against the Central Bank of Iran and Iran’s National Development Fund will further complicate the situation in the Middle East.

“We can only regret this. Such a step, which is another tool of pressure on Iran, will not affect Tehran’s position, as we understand it. It only leads to further complication of relations between those countries and the situation in the region,” Kabulov said.

The US Department of the Treasury announced on Friday that its Office of Foreign Assets Control (OFAC) had taken action against the CBI, the National Development Fund of Iran (NDF), and Etemad Tejarate Pars Co. under its ‘counterterrorism’ authority.

It claimed that the CBI had provided billions of dollars to the Islamic Revolutionary Guards Corps (IRGC), its Quds Force and the Lebanese resistance movement Hezbollah.

Later in the day, Iran’s Foreign Minister Mohammad Javad Zarif reacted to the move, saying the United States’ sanctions on CBI clearly shows Washington’s “desperate approach” toward the Islamic Republic.

“The Americans have imposed any sanctions they could on the Islamic Republic. What they are doing now is sanctioning an entity which has been sanctioned before under a different pretext,” he told reporters in New York.

“The new sanctions are aimed at blocking Iran’s international transactions and its access to food and medicine. This move is unacceptable and dangerous,” Zarif added.

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Rouhani arrived in Turkey on Sunday night to take part in a trilateral meeting with his Russian and Turkish counterparts in order to discuss a political resolution to the crisis in Syria.

A delegation comprised of Iranian ministers of foreign affairs, defense, energy, agriculture, the CEO of the Central Bank of Iran (CBI) and other Iranian top officials are accompanying Rouhani in this visit.

Earlier in April 2019, The Turkish Foreign Minister Mevlut Cavusoglu said that Turkey is taking into account establishing new trade mechanisms with Iran, like the INSTEX system set up by European countries, to avoid US sanctions reimposed last year on exports of Iranian oil, Reuters has reported.

Cavusoglu reiterated Turkey’s opposition to the sanctions and said Ankara and neighboring Iran needed to keep working to raise their bilateral trade to a target of $30 billion, around triple current levels, according to Reuters.

“Along with the existing mechanisms, we evaluated how we can establish new mechanisms, like INSTEX…how we can remove the obstacles before us and before trade,” Cavusoglu told a news conference after talks with his Iranian counterpart Javad Zarif.

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The officials also discussed holding joint seminars and symposiums with the aim of sharing expertise and experiences between the two countries’ banking sectors.

Iran and Armenia hold longstanding relations in different economic and political spheres.

Bilateral trade between the two neighbors hit $364 million in 2018 – a record high since Armenia became independent after the dissolution of the Soviet Union in 1991.

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Calling for expansion of economic ties between the two countries, he added that the trilateral meeting among the Iranian, Russian and Turkish presidents is to be held in near future, where the three sides will explore the development of their ties.

Late in June, Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati stressed his country’s interest in expanding mutual trade cooperation with Russia and selling its oil with the help of the Northern neighbor.

“Russia, in parallel with the Europeans, has presented a proposal for trade cooperation with Iran and we are also interested in trade ties with them because Russia can supply many of our needs by purchasing oil from us,” Hemmati said in an interview with the state TV on June 23.

Early in July, Russian Permanent Representative to the European Union Vladimir Chizhov stated that Moscow will ignore Washington’s sanctions against Iran and continue to trade with the Middle Eastern nation without creating any special mechanisms.

“Our colleagues here [in Brussels] sometimes ask why Russia and China do not create their own INSTEX [Instrument in Support of Trade Exchanges]. To that we answer with the question: why do we need it? We have already traded and will trade without paying any attention to US sanctions,” Chizhov told Sputnik.

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During the visit, Hemmati will hold meetings with the Iraqi central bank chief and some other Iraqi banking and financial officials.

This will be the third visit by him to Iraq since the start of 2019. During a visit of an Iranian banking delegation headed by Hemmati to the neighboring country back in February the central banks of Iran and Iraq signed an agreement to remove barriers to bilateral financial and banking relations in the face of US anti-Iran sanctions. The deal focuses on a new mechanism to facilitate the repayment of Iraq’s electricity and gas dues to Iran and open a channel for the businesses of the two countries to conduct their mutual transactions.

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Japanese ambassador to Tehran Mitsuo Saito said that Iran and Japan will soon start bilateral banking activities.

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Governor of the Central Bank of Iran said Sat. that the foreign currency generated from oil revenues will be allocated to the import of necessity and strategic goods.

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 Iran and Afghanistan have held talks to build banking ties and expand commerce between the two countries, with a focus on facilitating the return of foreign currency from exports into the Islamic Republic.

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