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Iran responded angrily to the new EU sanctions Monday, with two lawmakers escalating threats that their country would close the Strait of Hormuz. Lawmaker Heshmatollah Falahatpisheh said Iran had the right to shutter Hormuz in retaliation and that the closure was increasingly probable, according to the semiofficial Mehr news agency. "In case of threat, the closure of the Strait of Hormuz is one of Iran's rights," Falahatpisheh was quoted as saying. "So far, Iran has not used this privilege." Some commentators are declaring that Iran should cut the flow of crude even before the new measures go into effect in July, to punish Europe, while others say the embargo is a "gift" which will allow the country to diversity its economy. "Ineffective Western sanctions are not a threat to us, but an opportunity that has brought a lot of benefits," Moslehi said at a gathering in the central city of Isfahan late Monday. The measures, approved in Brussels by the EU's 27 foreign ministers, include an immediate embargo on new contracts for crude oil and petroleum products. Existing contracts with Iran will be allowed to run until July. Iran's Oil Ministry said the country can find new markets. "Iran can easily find new customers for its oil," Mohsen Qamsari, a senior ministry official, was quoted by the semiofficial Mehr news agency as saying. "The National Iranian Oil Company has adopted the necessary measures to replace its oil exports in 2012." Some 80 percent of Iran's foreign revenue comes from oil exports, and analysts say that any sanctions affecting its ability to export oil would hit its economy hard. With about 4 million barrels per day, Iran is the second largest producer in OPEC. It exports about 2 million barrels a day and consumes the rest domestically. The EU has been importing about 450,000 barrels of oil per day from Iran, making up 18 percent of Iran's oil exports. Some in Iran said the country should stop selling oil to Europe now, instead of July, to punish the bloc before it can find suppliers to replace Iranian crude oil in the midst of winter. "The Iranian people now expect that the flow of black gold to Europe be cut before it can find a replacement for Iranian oil," state radio said in a commentary Tuesday.
[Associated
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