Iran To Confront New EU Sanctions

7/1/2012 9:54 AM ET

Iran's central bank chief Mahmoud Bahmani announced that the country is prepared to fight European Union's oil embargo and has $150 billion revenues to meet its import needs, Mehr news agency reported Sunday.

"The EU countries account for only 15 percent of Iran's oil exports," Bahmani was quoted as saying.

"Oil revenues in the worst situation meet all Iran's needs to 70 billion dollar imports," he added.

The comments were made in response to the EU's oil embargo against Iran which takes into effect today. The EU decided to terminate all contracts for importing Iranian oil in its attempt to prevent Iran from developing nuclear weapons last week.

Meanwhile, Bahmani said on Saturday that the current and future sanctions are not restricting oil supplies to China, India, Japan, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan as these countries obtained waivers from the U.S. to import some Iranian oil.

by RTT Staff Writer

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