Iran says it has stockpiled money, imported goods to buffer new EU oil sanctions
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Iran reacted furiously when the U.S. and EU sanctions were announced, threatening to block the strategic Strait of Hormuz, a vital waterway used to ship about one-fifth of the world's oil. On Sunday Iranian officials appeared to be backing away from that threat, which roiled international oil markets at the time.

Rahimi also said Tehran has stocked up on some imported goods to reduce the embargo's impact, without saying what specifically.

The EU, which accounted for around 18 percent of Iran's oil exports, said earlier this week that all contracts for importing Iranian oil will have to be terminated from Sunday. Also, European companies will no longer be involved in insuring Iranian oil.

In Washington, White House spokesman Jay Carney welcomed the EU oil embargo. He said in a statement that the U.S. and EU "are committed to holding Iran accountable for failing to meet its international obligations," showing "the seriousness with which the international community views the challenge of Iran's nuclear ambitions."


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