On March 29, 2011 the US government imposed sanctions against Belarusneft because it has been cooperating with the Iranian NaftIran Intertrade Company. As the US state department states, in 2007 Belarusneft concluded a USD 500 mln contract with the Iranian company on the development of the Jopeir oil field. US legislation imposes sanctions on those companies which invest more than USD 20 mln into Iran's economy. The purpose of this is to prevent the development of Iran's Nuclear power programme.
Belarus protested the decision of the US government, mentioning that it will damage bilateral relations. Iran's ambassador to Belarus expressed his belief that Belarus did not make any investments in Iran. According to him, Iran is investing USD 200 mln itself and the rest will be received by selling oil to Belarus. Iran's ambassador thinks that USA should apologize to Belarus for imposing sanctions.
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