World Bulletin / News Desk
Iran dismissed a European Union oil embargo which took effect on Sunday and said it was fully prepared to counter the impact of sanctions with a $150 billion war chest of foreign reserves.
The EU ban on crude imports is part of a push by Western countries aimed at choking Iran's export earnings to try to force it to curb a nuclear programme.
"All possible options have been planned in government to counter sanctions and we are fully prepared to deal with them," Oil Minister Rostam Qasemi said in comments on the ministry's website.
Qasemi said Iranian oil was still being sold on international markets and that oil importers would be the big losers if a blockade leads to price rises.
The United States also has sanctions in place, although it has spared all 20 of Iran's major oil buyers from measures against them for dealing in Iranian crude for now.
The European Union banned new contracts for imports of Iranian crude in January, but allowed existing ones to continue until July 1. The embargo also covers transporting Iranian crude or insuring shippers who are carrying it.
Iranians lost jobs
There are signs the embargo is already having an impact on Iran's economy.
Its crude oil exports - which according to EU estimates represent some 80 percent of the government's export revenues and half of its income - have fallen by 40 percent this year. Iran used to export a fifth of its crude to EU countries.
The Iranian rial has fallen sharply and inflation is running at 20 percent. Tens of thousands of Iranians have lost their jobs and trade between Iran and Europe has halved in a year, according to Eurostat data from March.
The governor of Iran's central bank said it had built up $150 billion in foreign reserves to protect itself.
"We are implementing programmes to counter sanctions and we will confront these malicious policies," Mehr news agency quoted Mahmoud Bahmani as saying.
In three rounds of negotiations, Western powers have demanded Tehran halt its high-grade uranium enrichment activities, ship all high-grade uranium out of the country and close down a key enrichment facility.
Iran says its nuclear programme has only peaceful aims, but Western countries and nuclear-armed Israel fear Iran is developing nuclear weapons.
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The closing off of a major export market threatens to hurt segments of the euro zone economy at a time when growth is pretty poor anyway.
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The new ban would not apply to foreign automakers' production inside Russia. Ford, Volkswagen , Ford Renault, Toyota and Hyundai Motor Co all have production facilities inside Russia.
Across Asia's low-cost garment manufacturing industry in particular, there have been more strikes as unions use a shortage of skilled workers to press for better pay and improved safety