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Iran Insists EU Oil Sanctions To Backfire

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The sanctions imposed by the European Union on Iran, including the ban on import of Iranian oil, will damage the already-troubled European economies, the Iranian Ministry of Oil said Monday.

The hasty EU decision will definitely be counterproductive; its effects will be felt not only in Europe but in other developed and developing countries, according to a Ministry statement carried by IRNA.

The sanctions will lead to new hikes in the oil prices, thus hampering economic recovery on a global scale, the statement underlined.

The ministry downplayed the impact of the sanctions on Iran saying it has its own customers who can replace the European importers. So, there is no reason for concern, it added.

Meanwhile, Ala Al-Din Boroujerdi, head of the Iranian Majlis Committee for National Security and Foreign Policy, affirmed that the sanctions will harm Europe’s ailing economies more than Iran.

For his part, Iran’s Deputy Foreign Minister for Legal and International Affairs Dr. Seyed Abbas Araghchi said the language of threats will only strengthen Iran’s resolve to pursue its policy.

The comments came a few hours after the EU decided to implement a gradual ban on imports of Iranian oil and restrictions on transactions with the Central Bank of Iran against the backdrop of the country’s nuclear program.

KUNA

KUNA is the Kuwait News Agency

One thought on “Iran Insists EU Oil Sanctions To Backfire

  • Avatar
    January 24, 2012 at 1:43 pm
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    Lesson for all so called Muslim countries-Learn from the Iranian experience of self reliance,determination and soverenity-only bow down to the Lord Almighty(Allah).For western warmongers doesnt matter shia or sunni.

    Reply

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