Iran President Scoffs at Western Sanctions on Oil, Gas exports

From The Washington Post

Iran’s president on Tuesday claimed his country can create 10 times more wealth from inventions than from oil, rendering Western economic sanctions powerless.

The West’s oil embargo over Iran’s suspect nuclear program won’t stop the Islamic Republic’s scientific and technological progress, Mahmoud Ahmadinejad said.

Addressing a group of Iranians in the western city of Hamedan, Ahmadinejad mocked the embargo, saying that Iranian universities would churn out money-making innovations. He did not mention any specific technologies.

“Don’t buy our oil? To hell with you,” Ahmadinejad said in remarks aimed at the West. “It’s better if you don’t buy… 10 times more money will head to people’s pockets through the inventions of our scientists.”

Last week, Ahmadinejad said Iran must move away from dependence on oil revenues to overcome Western sanctions that have slowed the economy and disrupted foreign trade. Iran has long depended on oil sales for about 80 percent of its foreign currency revenue.

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