Iran’s minister of economic affairs and finance on Friday warned that the West would “pay a price” for sanctions on his country, AFP reported.

The minister, Shamseddin Hosseini, added that Iran’s foreign exchange reserves are in a “good position”.

He echoed Tehran’s regular criticism of the sanctions, saying they were part of an “economic war” and warned that Western firms would suffer as Iran moves to trade with other nations.

“The sanctions are not only affecting the Iranian economy but also other countries and foreign companies,” Hosseini told a press briefing in Tokyo, where he is attending International Monetary Fund and World Bank meetings.

“Turkey has now become our important trading partner in place of Germany, while China may grab the market share that Japan used to have,” he added.

Hosseini also warned, “Those who imposed sanctions are to pay a price.”

The comments came as the Iranian economy continues to suffer as a result of the sanctions. In one week, Iran’s rial currency shed around 40 percent of its value, sharply accelerating a slide that has gone on over the course of this year.

Last week scuffles broke out in Tehran as citizens protested the country’s failing economy.

Britain’s defense secretary, Philip Hammond, said this week that the world should tighten the squeeze on Iran over its “mad” nuclear plans to the point where the regime’s survival is threatened by its own people.

Hammond said that there were signs the regime was beginning to “fracture” on the issue of its disputed nuclear program.

Israel’s Foreign Minister Avigdor Lieberman has predicted that international sanctions could trigger a popular uprising in Iran like the revolt in Egypt that toppled president Hosni Mubarak.