Iran is ready to revive talks with world powers but harsh new western sanctions will not force Tehran to give into demands over its nuclear programme, Mahmoud Ahmadinejad said yesterday.
The Iranian president said sanctions would backfire and leave Iran unscathed, and reiterated his government's position that the country does not need to sell oil to Europe.
"Why should we shun talks? Why and how should a party that has logic and is right shun talks?" he said. Instead, he accused the West of trying to scuttle negotiations as a way of further squeezing the Islamic Republic.
Analysts said hopes of any progress with talks would depend on whether Iran's supreme leader, Ayatollah Ali Khamenei, backs the president's position. The two men oversee rival hardline camps in the regime.
The ayatollah is particularly mistrustful of the West and some of his supporters believe Mr Ahmadinejad, despite his often strident rhetoric, wants to improve relations with the US.
The last round of talks between Iran and the major powers, consisting of the US, China, Russia, Britain, France and Germany, was held in Turkey in January 2011, but the negotiations collapsed.
The six powers say they are waiting for Iran's reply to a letter the EU foreign policy chief, Catherine Ashton, sent in October, stressing that negotiations should focus on the "key question" of the Iranian nuclear issue. In the last two rounds of talks, Iranian officials wanted to talk about regional and global issues instead.
Meanwhile on Sunday the Iranian parliament will consider a ban on oil exports to the European Union in retaliation for the bloc's imposition on Monday of a phased oil embargo. The measure would add to the difficulties of struggling economies in southern Europe.
The EU sanctions give Iranian oil importers such as Greece, Spain and Italy time to find new suppliers, but Iran could rob them of an adjustment period by closing the tap immediately.
"At this point it could be bluster because Iran still needs the money, but Iranian politics have surprised us before, so we can't rule out there's a small chance they might do it," Meir Javedanfar, an Iranian-born analyst in Israel, said yesterday.
The EU currently buys about 20 per cent of Iran's oil exports. Iran's intentions on the nuclear issue, meanwhile, may become clearer on Sunday when a senior team from the UN's nuclear watchdog makes a rare three-day trip to Tehran, at Iran's invitation.
The inspectors' main objective is to receive explanations for intelligence indicating that Iran has pursued research and development relevant to nuclear weapons. Tehran insists its nuclear programme is purely peaceful.
Iran has indicated before that it was ready for a new round of nuclear talks, but Mr Ahmadinejad is the highest-ranking official to make the offer publicly.
"This is simply the continuation of a long-held line. What is significant is that Ahmadinejad was saying this readiness for talks is in no way prompted by the sanctions," Scott Lucas, an Iranian expert at Birmingham University in England, said.
Mr Ahmadinejad said sanctions would backfire because Iran has minimum trade with the EU. The European measures follows US action also aimed at limiting Tehran's ability to sell oil, which accounts for 80 per cent of Iran's foreign revenue.
"It is the West that needs Iran and the Iranian nation will not lose from the sanctions," Mr Ahmadinejad said on a visit to the southern province of Kerman.
Even so, Iranian hardliners renewed a threat to blockade the Strait of Hormuz after the EU sanctions were announced. The US has vowed to keep the vital oil trade route open.
Iranian state media picked up on a warning from the International Monetary Fund on Wednesday that, without offsets from other suppliers, global crude prices could rise by as much as 30 per cent if Iran halts oil exports as a result of US and EU sanctions.
mtheodoulou@thenational.ae
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Five expert hiking tips
Always check the weather forecast before setting off
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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The Outsider
Stephen King, Penguin
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Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
