Iran feels pinch of new EU oil sanctions

As new European Union sanctions targeting Iran's vital oil industry took effect Sunday, Tehran acknowledged the measures aimed at reining in its disputed nuclear program were taking a toll. The vice president said authorities had stockpiled imported goods and hard currency to help cushion the blow to the economy.

"Today, we are facing the heaviest of sanctions and we ask people to help officials in this battle," Vice President Mohammad Reza Rahimi was quoted as saying on state television's website. (AP)