TEHRAN - Russian Energy Minister Alexander Novak said the U.S. sanctions on Iran and Venezuela are having a negative impact on global energy markets.

The official noted that the sanctions volatility is hindering long-term planning in the market and confusing investment decisions, Reuters reported.

Novak said planning even a few months ahead is tough due to possible sanctions-related volatility, adding that the country imposing sanctions — an apparent reference to the United States — was doing so in order to promote its own goods.

In November 2018, The Trump administration reimposed the sanctions which were lifted under the nuclear deal, reached under former President Obama.

The sanctions targeted Iran's oil sector, financial transactions and banks, as well as shipping and ship-building industries in order to cut off the country’s revenue sources.

EF/MG