FILE - In this Thursday, Jan. 19, 2012 file photo, a plane flies over the mountains in south of the Strait of Hormuz as the trading dhows and ships are docked on the Persian Gulf waters near the town of Khasab, in Oman. Sometime later this year, the U.S. Navy plans to send minesweepers and warships into the Gulf for exercises intended to make Iran think twice about any attempts to block oil tanker traffic through the narrow waterway that links the region's huge oil fields with world markets. (AP Photo/Kamran Jebreili, File)
July 25, 2012 - 7:51 AM
TEHRAN, Iran - Iran's Supreme Leader says Western-led sanctions and pressure will not force Iran to change its policies, voicing confidence that the country can beat the latest moves to block its vital oil and banking industries.
In remarks broadcast on state TV Wednesday, Ayatollah Ali Khamenei says some countries partaking in the U.S.-led sanctions will not continue them over the long term because of economic drawbacks.
The latest European Union sanctions against Iran's vital oil industry came into effect on July 1, three days after the U.S. tightened sanctions that prohibit international banks from completing oil transactions with Iranian banks. The moves further complicate Iran's ability to conduct trade abroad.
Economic experts say the sanctions have driven up the cost of imports to Iran by 20 to 30 per cent.
News from © The Associated Press, 2012