Ahmadinejad says 'Iran can withstand oil embargo for 2 to 3 years'

Tehran, Apr 11 (ANI): Iranian President Mahmoud Ahmadinejad has claimed that his country has enough reserves to withstand a total embargo on its oil sales for 'two to three years'.

Ahmadinejad gave a defiant speech claiming that measure taken by Western nations to increase the pressure on Iran's economy would have no effect.

"They want to impose sanctions on our oil and 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," The Telegraph quoted Ahmadinejad, as saying.

"Whoever seeks to violate the rights of the Iranian nation will get a blow to the mouth," he added.

The European Union has agreed to stop purchasing oil from Iran by July 1.

According to Iranian state media, Tehran had chosen to pre-empt this measure by halting exports to Greece, one of its biggest EU customers.

Iran is likely to find alternative customers for this oil, but they are expected to drive a hard bargain and insist on low prices, costing the country billions of dollars in lost revenue. (ANI)