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Iranian first VP: We welcome oil sanctions

Published: June 30, 2012 | 12:02 pm
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The Iranian first vice president has said that the country welcomes oil sanctions on the verge of imposing the EU sanctions against the Islamic Republic’s oil sector.
Speaking to reporters on the sidelines of a ceremony on the national day of industry and mine, Mohammad-Reza Rahimi said that sanctions show greatness of the Iranian nation.
He pointed out that Iran is the 17th largest economy of the world and that over 70 percent of equipments required in the oil sector are being manufactured domestically, the Fars News Agency reported.
Four Iranian high-ranking economic officials held a meeting on Wednesday, preparing plans to deal with any possible measure which may be taken by the West in line with the EU sanctions against the Islamic Republic.
Finance and Economic Affairs Minister Shamseddin Hosseini, Industry, Mine and Trade Minister Mehdi Ghazanfari, Oil Minister Rostam Qasemi, and Central Bank Governor Mahmoud Bahmani have submitted the plans to President Mahmoud Ahmadinejad, according to the Mehr News Agency.
EU foreign ministers agreed January 23 to a ban from July 1 on all imports of crude oil and petrochemicals from Iran, which last year exported an estimated 500,000 barrels per day of crude to the European market. The sanctions also ban dealings with the central bank of Iran and other state-owned financial institutions and banks, making it virtually impossible to transfer funds to Tehran.

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