Jul 29, 2012 5:50 PM by Matt Stafford
TEHRAN, Iran (AP) - Iran's supreme leader has outlined a new approach to overcome Western sanctions - stop selling oil and build knowledge-based industries instead.
Ayatollah Ali Khamenei's says what he calls a "resistant economy" can effectively counter the sanctions.
This month the European Union enforced a ban on oil imports from Iran, after the U.S. stepped up its banking sanctions.
The sanctions aim to force Iran to stop enriching uranium. The West suspects Iran is aiming to build nuclear weapons. Iran denies that.
Khamenei said Iran should stop selling raw materials, including oil, and instead promote "knowledge-based companies which can make a resistant economy more sustainable."
He gave no timetable or details of what would amount to a total overhaul of Iran's economy.
Khamenei's remarks were broadcast on state TV Sunday night.