Oil weapon must be taken off enemy hands: Iran President

Iran’s President Mahmoud Ahmadinejad has reaffirmed Tehran’s determination to counteract the effects of the enemies’ sanctions by reducing the Islamic Republic’s reliance on oil revenues.

“We should consider the embargo as an opportunity to even cut this amount of the country’s budget reliance on oil and seize oil, as a sanction weapon, from the hands of the enemy forever,” said Ahmadinejad at a Tuesday conference in the Iranian capital city, Tehran.

Ahmadinejad pointed out that the sanctions imposed against Iran over its nuclear energy program are unprecedented in the world, noting, “However, the enemy’s speculation that embargoes can place Iran in a weak position is wrong and stems from mere materialistic calculations.”

“We should persevere against the pressures and proudly pass through this juncture and respond to the enemy’s antagonistic policies by vigorously enduring the embargoes,” the Iranian chief executive said.

On January 23, under pressure from the United States, the European Union foreign ministers approved new sanctions mainly against Tehran’s oil and banking sectors. The sanctions came into force on Sunday.

Later in March, the US administration approved new embargoes on the Iranian crude, which aimed to penalize other countries for buying or selling Tehran’s oil. The bans took effect on June 28.

The sanctions by the US and the EU are meant to pressure the Islamic Republic over its nuclear energy program, which Washington, Israel and some of their allies claim includes a military aspect.

Iran dismisses such allegations, arguing that as a committed signatory to the Nuclear Non Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use the nuclear technology for peaceful purposes.