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Russia to lose $13 bln over Iran sanctions

Source: Press TV

Sanctions imposed against Iran over its peaceful nuclear plans will cost Russia up to $13 billion in losses over its arms deals with Tehran, a Russian think tank says.

"This amount includes deliveries under signed contracts and potential revenues from prospective projects," Russian news agency RIA Novosti quoted Igor Korotchenko, head of a Moscow-based think tank on the international arms trade, as saying on Tuesday.

Iran has had a 25-year rearmament plan worth of $25 billion since 2001, most of which involves arms purchase from Russia, Korotchenko said.

"The Russian defense industry could have received at least half of this amount in 2010-2025," he added.

If Russia revokes the deals, it will be required to return the value of the contracts together with a 10 percent penalty for its breaching of the terms of the agreement.

On July 26, the European Union imposed new sanctions on Iran, which mainly target investment in and technical assistance to Iran's refining, liquefaction, and liquefied natural gas sectors.

In recent weeks the European Union, UN and US have imposed sanctions on Iran over its nuclear program.

Iranian officials say that as a signatory to the Nuclear Non-Proliferation Treaty, the country has the right to develop nuclear technology for peaceful purposes.

... Payvand News - 08/04/10 ... --

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