Iranian FM spokesman: Imposing sanctions against Iran is a failed policy.

Iranian FM spokesman: Imposing sanctions against Iran is a failed policy.(TI).

Imposing sanctions by the U.S. and its allies against Iran has proved to be a failed policy, IRIB quoted Iran's Foreign Ministry Spokesman Abbas Araqchi as saying.

"We are surprised to see U.S. and some other countries repeat a failed and defeated policy", he added.

He said that unilateral sanctions imposed against the Islamic Republic cannot resolve the issue of Tehran's nuclear energy program. Instead, it will make the issue more complicated and the situation more difficult, Araqchi said.

"Lifting sanctions can be part of a solution to the Iranian nuclear issue but imposing sanctions is not a solution," Araqchi said.

On June 3, the United States ratcheted up its efforts to isolate Iran for its uranium enrichment program, targeting Tehran with currency and auto-sector sanctions.

U.S President Barack Obama imposed sanctions on foreign financial institutions that conduct or facilitate significant transactions in the Iranian rial currency.

In an executive order, the president also approved sanctions against people who do business with Iran's auto sector, which the White House said was a major source of revenue for Tehran.

The United States and Western powers have imposed a series of economic sanctions aimed at pressuring Iran into halting what they say is a drive to build a nuclear weapon. Tehran says its nuclear program is purely for generating power and for medical devices.

Last week, the United States blacklisted eight companies in Iran's petrochemical industry. "We hold the door open to a diplomatic solution that allows Iran to rejoin the community of nations if they meet their obligations," White House press secretary Jay Carney said in a statement.

The sanctions imposed on the rial on Monday included a ban on maintaining significant accounts outside Iran denominated in that currency. It is the first time that trade in the rial has been targeted directly for sanctions, the White House said. Hmmmmm.....He's right Turkey is still the Nr One lifeline for Iran, thanks to Obama's BFF Erdogan.Read the full story here.