Iran can be described by three ‘R’s: recalcitrant, resourceful and resilient.

Despite new European Union sanctions on Iranian oil that went into effect this week (July 1), the Islamic Republic has the experience and capabilities to survive and even prevail in the nuclear standoff because its adversaries are running out of new economic “bullets” to target the regime.

Sanctions imposed this year have hit the economy hard, depressing oil exports by 40%. A third of steel imports have been blocked and Iran has had a tough time even buying maize, the main animal feed, as well as other basic items such as palm oil.

Yet, such developments need to be put into perspective. Having trouble getting maize, Iran has turned to wheat, even purchasing some from the United States. Cut off from dollar transactions, Tehran is resorting to alternative currencies and gold as well as barter deals. High oil prices mean that even if oil exports were cut by 60% this year, they would still bring in about $40 billion -- roughly double what Iran earned when reformist President Mohammad Khatami was in office.