The Iranian oil ministry in a statement downplayed the effects of the US and EU’s unilateral oil sanctions against Tehran, and said such embargoes will merely harm the European economies and oil consuming countries.

European sanctions against Iran’s oil exports will affect world economy and hurt European and non-European countries, the statement said on Monday.

“Hurried decision by EU states to use oil as a political tool will have a negative effect on the world economy and especially on recovering European economies which are fighting to overcome the global financial crisis,” it added.

The statement continued that since just 18 percent of oil produced by Iran is exported to European countries, Islamic Republic can easily replace new markets with the European market.

It noted that oil sanctions against Iran will raise the energy price and will affect world economy’s growth, including the weak recovering economies that are fighting to recover from the financial crisis.

The statement added that the European oil consumers will pay the cost of the EU decision and it will destabilize oil markets and undermine the global energy security.

The statement was issued after the European Union (EU) held a summit meeting on Monday to discuss a proposed embargo on Iran’s oil exports.

Foreign ministers of the European Union reached eventually an agreement on sanctioning oil imports from Iran and freezing the assets of Iran’s Central Bank within the EU.

EU foreign policy chief Catherine Ashton told reporters that the sanctions are aimed at pressuring Iran to return to talks over its nuclear program.

Iran has always underlined its preparedness to resume talks with the West but has meantime stressed that it will never accept any precondition for such talks.

The EU has also imposed a ban on the sale of gold, diamonds, and other precious metals to Iran.

Earlier this month, Iranian Oil Minister Rostam Qassemi warned that imposing sanctions on Iran’s oil industry will destabilize the world markets, adding that the sanctions policy is, thus, an irrational move.

Qassemi said the Islamic Republic of Iran’s policy is based on good relations with all the world countries, adding Tehran does not pursue severing ties with others.

“The world needs our energy and our relations with other countries are based on fair relations and mutual respect,” he said, adding that too many countries are eager to buy Iran’s oil.

Stating that the country is facing no problem in selling its oil, the official noted “Not only we have many customers, but we also have sold our oil in advance.”