Iran is continuing its oil exports despite the US Treasury Department’s revocation of a major concession granted in June that eased sanctions on Iran’s oil sector, Iranian oil minister Mohsen Paknejad said.

“The [Iranian] Ministry of Petroleum has been building the necessary mechanisms for many years that enable neutralizing the effects of unjust American sanctions [on Iran]. Since the mechanisms designed to ensure uninterrupted oil exports have been preserved, Iranian oil exports continue under the previous regime,” Paknejad said, the Iranian Ministry of Petroleum press service reports.

He added that Iran has not abandoned all previously developed mechanisms, as it expects the US to break its promise.

On July 7, the US Treasury Department revoked the main license issued in June, which had relaxed US sanctions on Iran's oil sector until August 21, and banned new operations in this sector.