TEHRAN. – Iran will respond Europe’s sanctions by imposing own sanctions on limiting oil supplies to states threatening Tehran by economic sanctions, Iranian Minister of Petroleum Rostam Ghasemi said adding that limiting the export will cause no damage to Iran’s economy and it will happen very soon, Lenta.ru reports. 

“Iranian oil has its market, even if we reduce exports to Europe,” he said, Reuters reports.

As Armenian News-NEWS.am informed earlier, Iran decided to ban oil supply to Europe first, before the EU’s embargo will come into power. The European bill is submitted in the EU parliament to be considered on Jan. 29.

EU Ministerial Council approved on Jan. 23 to embargo oil supplies from Iran. EU states will have to stop importing the ‘black gold’ from Iran till July 1 this year.

The main part of the Iranian oil import, 68%, is shared among Greece, Italy and Spain, meantime Greece receives 35% of it. EU purchased about 600,000 barrels of Iranian oil per day over last year, Financial Times reports.