Tehran has enough funds to withstand a total embargo on its oil sales for two to three years, President Mahmoud Ahmadinejad has said - days before the resumption of talks with world powers.
The European Union is set to impose a total embargo on Iranian crude oil from July following similar measures imposed by the United States to try to force Iran to abandon uranium enrichment.
"We must say to them that we have that much saved that even if we didn't sell oil for two to three years, the country would manage easily," Ahmadinejad said during a visit to Hormuzgan province the Fars news agency reported.
The US and its allies hope the sanctions on Iran's energy and financial sectors will force it to abandon uranium enrichment which they suspect is aimed at developing nuclear weapons. Iran says its goals are peaceful.
It is due to resume nuclear talks this week with Western countries plus Russia and China. The International Energy Agency recently said that the wide-ranging sanctions against Iran could reduce its oil exports by as much as one million barrels per day, or 40 per cent, from the middle of the year.
European states, including Greece, Spain and Italy are scrambling to find new supplies before the ban is introduced.
© 7Days 2012
