Iran vows to `confront` new EU sanctions

Iranian Central Bank governor Mahmoud Bahmani said that Iran has enough hard currency to meet its import needs.

Updated: Jul 01, 2012, 14:11 PM IST

Zeenews Bureau

Tehran: Iranian Central Bank governor Mahmoud Bahmani has announced that Tehran has plans to deal with a new EU embargo on the country`s oil sector.

Bahmani’s comments were carried by Iran’s semi-official Mehr news agency on Sunday.

He also said that Iran has enough hard currency to meet its import needs.

Notably, the sanctions are aimed at pressurising Tehran over its controversial nuclear program.

Earlier this week, the EU said that all contracts for importing Iranian oil will have to be terminated from Sunday. Also, European companies will no longer be involved in insuring Iranian oil.

The measures come on top of previous sanctions levied by the US and the West that have already hit Iran`s economy. US officials say the American sanctions have cut exports of Iranian crude from about 2.5 million barrels a day last year to between 1.2 and 1.8 million barrels now.

"We have not remained passive. For confronting the sanctions, we have plans in progress," he said.

On Saturday, Bahmani said Iran is "easily" selling its oil despite all current and future sanctions because some countries have received waivers from the US to import some Iranian oil despite the punitive measures.

The State Department has announced that China, India, Japan, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan have been given waivers from the US in exchange for "significantly reducing" oil imports.

The US and EU measures are intended to pressure Iran over fears that it is developing nuclear weapons. Iran denies the charges.

(With Agency inputs)