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Iran’s oil minister says Western sanctions have failed

02 April 2012 20:07 (UTC +04:00)

Baku-APA. Iran’s Oil Minister Rostam Qasemi said on Monday that sanctions against the country’s oil sector have failed and will not block the industry’s progress, APA reports quoting Xinhua.

The Islamic republic has withstood the impacts of Western sanctions on its oil sector, Qasemi was quoted as saying.

Relying on domestic capabilities, "I confidently say that (Iran ’s) oil industry has bade farewell to the embargo," said Qasemi.

The European Union, the United States and some other countries have imposed an oil embargo as part of the sanctions aiming to pressure Tehran into resuming talks on its nuclear program. They have also slashed tough banking sanctions to limit Iran’s ability to sell oil, which accounts for 80 percent of its foreign revenue.