European Union’s embargo on import of Iranian crude oil by any of its member countries, comes into effect from today. However, Iran’s Oil Minister Rostam Qasemi said, Teheran is geared up to take on the western nations' sanctions on its oil industry. He said, Iran's oil is sold in international markets and is purchased by several European states, some of which have been participating in the development of Iran's oil projects.

AIR West Asia Correspondent says European Union’s oil embargo on Iran prohibits the import of Iranian crude oil by any country in the bloc. The sanctions are aimed at denying European companies a chance to provide any financial or insurance services to assist in sales or transportation of Iranian oil and petroleum products.

EU has announced sanctions in January but gave its member countries like Italy, Greece and Spain more time till July1 to arrange for alternative oil supplies. A US legislation authorizing President Obama to cut off the financial institutions engaged in sale of Iranian oil, from the US Banking network came into effect barely three days ago. Analysts say the twin actions are aimed at increasing pressure on Iran to scale down its controversial nuclear program.

Iranian Oil Minister ruled out any impacts of the EU oil embargo and said Iran’s oil has its own markets and they have looked into all the aspects of confronting the sanctions.