Iran may retaliate western sanctions by cutting gas exports: Khamenei

Iran can retaliate the West-imposed sanctions by stopping natural gas exports to the western countries, Iran's Supreme Leader Ayatollah Ali Khamenei said on Wednesday.

"Iran is in possession of world's largest sum of oil and gas reserves, of which the world and Europe is in dire need. Iran can impose sanction on them if it is necessary," Khamenei was quoted as saying by official IRNA news.

The enemy is abusing the sanction tool to hinder the progress of Iran, and even if the course of the nuclear negotiations will move forward in their favor, they will not remove the sanctions against Iran, the Iranian leader said, reasoning that they are against the very foundations of the Islamic revolution.

The "resilient economy" is the only way to withstand the western sanctions and to offset their pressures; otherwise, the enemy will pose further conditions in the nuclear negotiations, he said.

Khamenei reiterated his earlier remarks that the economy of Iran should cut its reliance on oil sales and turn to domestic capacities and the potentials of its youth.

Iran's economy relies partially on oil exports. Due to the slumping oil prices and Western sanctions on its energy and financial sector, Iran's crude oil exports have fallen by 60 percent to a little over one million barrels per day. Endit