'Sanctions against Iran may hit many countries'

Moscow, Jun 19: Stressing peaceful settlement of Iranian nuclear issue, former German Chancellor Gerhard Schroeder today said that imposing sanctions against Tehran would economically hit many countries.

Addressing the 10th annual Conference of Investors here, Mr Schroeder said oil prices could jump to 100 dollars per barrel if economic sanctions were imposed against Iran over its controversial nuclear programmes.

''Iran has the right to a peaceful use of nuclear energy, but the creation of nuclear weapons in that country should not be permitted,'' Mr Schroeder said.

Europe was against imposing sanctions against Iran but Europe and the United States should support the forces within Iran that promoted reforms and could lead the country toward gradual integration into global economy, he added.

Mr Schroeder who became chairman of the shareholder's committee of the North European Gas Pipeline from Russia to Germany, last year, said that 50 per cent of energy resources were exported from countries with unstable political situation, which threatened the global security.

UNI

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