Tehran will downgrade trade ties with EU: minister

06 February 2012 | 23:12 Code : 1897683 Latest Headlines

Tehran Times - Iranian Industries, Mines, and Commerce Minister Mehdi Ghazanfari warned on Sunday that Tehran will downgrade economic ties with the European Union member countries which voted for sanctions on Iran’s oil industry.

“The Industries, Mines, and Commerce Ministry will definitely put on the agenda reducing economic ties with the European countries in retaliation for the sanctions imposed on the Islamic Republic of Iran,” Ghazanfari said.

Oil Minister Rostam Qasemi also said on Saturday Iran will certainly stop exporting crude oil to some European Union countries in response to the recent oil embargo on the country.

On January 23, the European Union formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Central Bank of Iran, but existing contracts will be honored until July 1.

Ghazanfari said that the European countries which intend to throw Iran’s economy into disarray should not expect the Islamic Republic to cooperate with them in economic areas.

He also expressed hope that the European countries would rethink their decision and do not block all the ways to a fair agreement on the Iran’s nuclear program.