6 Nov 2018 17:20

Azerbaijan analyzing possible effect of U.S.' Iran sanctions on its economy - Foreign Ministry

BAKU. Nov 6 (Interfax) - Azerbaijan is analyzing the effects that the U.S. sanctions on Iran might have on the Azerbaijani economy, Foreign Ministry spokesperson Leyla Abdullayeva said.

"Our experts are thoroughly studying the U.S. sanctions on Iran and their possible influence" on the Azerbaijani economy, Abdullayeva told Interfax.

Iran is "a close neighbor of Azerbaijan and an important partner in various areas," Abdullayeva said. In addition, "multi-vector relations with Washington are significant to Baku," she said.

The U.S. sanctions that had been in place until the signature of the Joint Comprehensive Plan of Action (JCPOA) on the Iranian nuclear program in 2015 were reinstated on Monday.

The sanctions target Iran's oil industry, banking infrastructure, shipbuilding, maritime transportation, and some other industries. The sanctions also affect countries and foreign companies that maintain business ties with Iranian partners.