America today is collapsing, while Iran is progressing, Islamic Republic's president Mahmoud Ahmadinejad said today, Moj News reported.
In his speech the president noted that the sanctions imposed on Iran should be used to advantage, while enemies believe that these restrictions can prevent Iran from further progress.
"The sanctions imposed on Iran are the harderst and most strict that were imposed on us. However they can be used to our advantage," Ahmadinejad said.
The president noted that there were miscalculations on U.S. part, since Iran's oil revenues go for less than 10 percent of country's overall income, and the sanctions do not hurt country's economy.
July 1 marked the beginning of the European Union's ban on purchasing Iran's oil. The European companies, who insure almost all of the world's oil tankers, will also stop insuring those vessels carrying Iranian oil.
Despite the rules enshrined in the Non-Proliferation Treaty (NPT) entitling every member state, including Iran, to the right of uranium enrichment, Tehran is now under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment.