Venezuela backs Iran, says US practices ‘economic terrorism’

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CARACAS – Venezuelan Foreign Minister Jorge Arreaza issued a statement on Friday condemning US sanctions against Iran, which he called “economic terrorism”.

“Venezuela rejects the imposition of new unilateral coercive measures against the Islamic Republic of Iran by the United States. These actions represent a modality of economic terrorism and undermine multilateral efforts and Peace,” said the the statement issued by the Foreign Minister on Twitter.

In addition, the text indicates that Nicolás Maduro’s government votes for stability and peace in the Middle East and will continue to work against coercive measures as an instrument of “colonial domination”.

On Thursday, US President Donald Trump announced that he has decided to increase sanctions against Iran, which he blamed for drone attacks on two refineries in Saudi Arabia on September 14.

The United States also imposed sanctions on Friday against the National Bank of Iran, the country’s largest financial and commercial institution whose assets were estimated at $80 billion in 2016.

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Trump said on Friday the US was introducing sanctions on Iran’s national bank. The announcement was made during a White House press conference.

The US president did not elaborate on economic restrictions against Iran’s leading financial agency.

Commenting on the possibility of a military scenario against Tehran , Trump said the United States is always prepared for this option.

According to Trump, the new sanctions represent the biggest sanctions ever imposed on the country. The US president also said the latest sanctions against Iran go straight to the top.

Russia’s Foreign Ministry responded to the US move by saying the new sanctions against the National Bank of Iran are “illegitimate”.

The National Bank of Iran is the largest commercial financial institution in Iran and has 3,000 branches across Iran.

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