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Oil embargo 'will be ineffective'

Tehran's intelligence chief has shrugged off a new EU ban on the purchase of Iranian oil, insisting that the world economy is so diversifed that sanctions will be ineffective.

Iran's state Irna news agency said that Heidar Moslehi also argued that sanctions have even brought benefits to the country, making it economically self-sufficient.

He made the defiant comments late on Monday, after the European Union imposed an oil embargo against Iran, part of sanctions to pressure Tehran into resuming talks on the country's controversial nuclear programme.

Tehran's response has been harsh, with two politicians threatening that their country will close the strategic Strait of Hormuz in retaliation.

The US and its allies accuse Iran of seeking to develop nuclear weapons, a charge Tehran denies.

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