Iran Says Oil Embargo is 'Unfair' and 'Doomed to Fail'

Iran has said an oil embargo adopted by European Union foreign ministers over the country's nuclear programme is "unfair" and "doomed to fail". The measures would not prevent Iran's "progress for achieving its basic rights", foreign ministry spokesman Ramin Mehmanparast said.

The sanctions ban all new oil contracts with Iran and freeze the assets of Iran's central bank in the EU.
The EU currently buys about 20% of Iran's oil exports. "European officials and other countries which are under America's political pressure... should consider their national interests and not deprive themselves of Iran's oil to help US officials achieve their secret aims," Mr Mehmanparast added.
He accused the US of trying to create "problems with energy supply requirements in countries which are America's economic rivals".

The sanctions were formally adopted at a meeting of EU foreign ministers in Brussels on Monday.

Iran had "failed to restore international confidence in the exclusively peaceful nature of its nuclear programme", British Prime Minister David Cameron, French President Nicolas Sarkozy and German Chancellor Angela Merkel said in a joint statement. "We will not accept Iran acquiring a nuclear weapon. Iran has so far had no regard for its international obligations and is already exporting and threatening violence around its region," the leaders added.

The measures were "another strong step in the international effort to dramatically increase the pressure on Iran", US Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton said in a statement. Meanwhile, the International Atomic Energy Agency, the UN's nuclear watchdog has confirmed it is sending a team to Iran between 29 and 31 January "to resolve all outstanding substantive issues".  Last November the IAEA said in a report that it had information suggesting Iran had carried out tests "relevant to the development of a nuclear explosive device". Tehran insists its nuclear programme is for energy purposes.

Earlier on Monday, the Pentagon said the US aircraft carrier USS Abraham Lincoln, as well as a British Royal Navy frigate and a French warship, had passed through the Strait of Hormuz at the entrance to the Gulf without incident, following Iranian threats to block the trade route.

The EU said the sanctions prohibit the import, purchase and transport of Iranian crude oil and petroleum products as well as related finance and insurance. All existing contracts will have to be phased out by 1 July. Investment as well as the export of key equipment and technology for Iran's petrochemical sector is also banned.

So once the new measures are in place how successful will they be? Even western diplomats are uncertain. There is no doubting that the Iranian economy will suffer. But the nuclear programme is a matter of national pride and ultimately national security.
Iran has seen the demise of regimes in Iraq and Libya and noted the survival of that in North Korea - the one so-called "rogue state" that has nuclear weapons.
Iran's rulers may well believe that having at least the potential for a nuclear bomb is something that could secure the country against outside threat.
Seen in this light one can imagine the Iranian authorities being willing to absorb considerable economic pain to pursue their nuclear research effort.