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24 January 2012 - 14:12

The Iranian ambassador to Serbia has dismissed the European Union's embargo on Iran's oil as illogical and unjustifiable, warning that the measure will endanger Europe's fragile economy.

Considering the current condition of the global oil market and the international supply and demand system, a country like Iran, which has the second biggest oil and gas reservoirs in the world, could not be ignored, Abolghasem Delfi said, adding that no substitute can be found for Iran's vast resources of oil and gas in the long run.

Iran's oil accounts for more than one-third of Greece's total oil imports, 15 percent of Spain's and over 12 percent of Italy's.

Referring to the sanctions imposed against Iran over the past three decades, Delfi said “Iranian experts will turn these hostile western sanctions into opportunities for the country's development and advancement.”

Foreign ministers of the European Union reached an agreement on Monday to impose sanctions on oil imports from Iran and freeze the assets of Iran's Central Bank within the EU.

EU foreign policy chief Catherine Ashton told reporters that the sanctions are aimed at pressuring Iran to return to talks over its nuclear program

The EU has also imposed a ban on the sale of gold, diamonds, and other precious metals to Iran.

press tv/281

News ID 181418