The embargo has provoked anger in Tehran which says it will hurt negotiations with world powers over its disputed nuclear activities.

Oil Minister Rostam Qasemi said on Saturday evening that Iran’s oil has its own markets and the country is fully ready to confront the West’s sanctions on the oil industry, according to IRNA news agency.

Qasemi emphasized that sanctions and pressures will have no effect on Iran’s will towards development and progress.

He added that Iran’s oil exports to Europe stood at 18 percent before the EU oil embargo, adding the figure is too little compared to the amount exported to other countries across the globe.

Iranian leaders have insisted they will move ahead with their atomic programme, regardless of the Western restrictions and others imposed by the UN Security Council.

Non-EU nations wanting to buy Iranian oil face an obstacle in insuring the tanker shipments, as more than 90 percent of such insurance is by EU companies now barred from underwriting Iran oil delivery contracts, according to AP.  China which refuses to go by with sanctions against Iran has increased its imports of Iranian crude, gets around by having its companies insure the tankers.

Iran has threatened to close the strategic Strait of Hormuz at the entrance to the oil-rich Gulf if its nuclear programme is targeted by air strikes that Israel and the United States reserve as an option.

Iran has repeatedly denies charges of developing an atomic programme for non peaceful mean.

Iran is the second largest producer in OPEC and earns some 80 percent of its foreign revenue from exporting crude. Other U.S. and EU sanctions have already hit Iran’s economy hard.