Iran says oil embargo 'ineffective'

Tehran’s intelligence chief has shrugged off a new EU ban on the purchase of Iranian oil, insisting that the world economy is…

Tehran’s intelligence chief has shrugged off a new EU ban on the purchase of Iranian oil, insisting that the world economy is so diversified that sanctions will be ineffective.

Iran’s state Irna news agency said today that Heidar Moslehi also argued that sanctions have even brought benefits to the country, making it economically self-sufficient.

He made the defiant comments late yesterday, after the European Union imposed an oil embargo against Iran, part of sanctions to pressure Tehran into resuming talks on the country’s controversial nuclear programme.

Tehran’s response has been harsh, with two politicians threatening that their country will close the strategic Strait of Hormuz in retaliation.

READ MORE

The US and its allies accuse Iran of seeking to develop nuclear weapons, a charge Tehran denies.

AP