Iran vows to defeat U.S. in "economic war"

TEHRAN, March 21 (Xinhua) -- Iran's supreme leader Ayatollah Ali Khamenei said on Thursday that his country will defeat the United States in the latter's anti-Iran "Economic War."

"The enemy has waged Economic War on us. We must defeat the enemy in this War," said Khamenei in Iran's northeastern city of Mashhad.

He made the remarks, broadcast live on the state IRIB TV, on the first day of the Iranian New Year.

"We must establish Economic deterrence so that it (the United States) cannot use Economic loopholes to harm the country," he added.

Iran will manage to turn the U.S. "oppressive and malicious" sanctions into opportunities to free the economy from relying on oil, the Iranian top leader noted.

Meanwhile, Khamenei Warned against relying on western countries' assistance or cooperation over Iran's Economic issues.

He described the Instrument in Support Of Trade Exchanges (INSTEX), Europe's new transanctions channel designed to secure Iran's interest under the Iranian international nuclear deal, as a "bitter joke."

"The Europeans did not implement their obligations," said Khamenei.

On Jan. 31, the European Union announced the setting up of the INSTEX to secure trade with Iran and skirt U.S. anti-Iran sanctions after Washington pulled out of the 2015 landmark nuclear deal last May.

Although the EU remained in the nuclear deal, "in practice, they themselves have dropped the deal" and are imposing sanctions against the Islamic republic, said Khamenei.

As per the nuclear deal, "the Europeans stabbed us on the back," he Warned.

Earlier in the day, Iranian President Hassan Rouhani said the United States has failed in its "illegal" sanctions against Iran.

Iran's achievements in the past year, including "victory over terrorism" and the "Iranian nations' victory in the international arena and international courts," are evidence that the United States has not succeeded in its anti-Iran policies, said Rouhani.

"Those who broke the oath revealed their nature; those who committed crimes must know that the end of this path will not be in their favor," the Iranian president said, referring to the U.S. withdrawal from the 2015 Iranian nuclear deal in May last year.