Azerbaijan, Baku, Jul.2/ Trend F.Milad/
A member of the Iranian parliament (Majlis) said that Iran will close the Hormuz Strait if the economic sanctions against the Islamic Republic take effect.
Arsalan Fathipour in an interview with Alalam News Network said that the recent oil price fall will not last for long.
"We take the control of the Hormuz Strait. If we are supposed to be sanctioned, we will not allow a drop of oil to pass through the strait," he said, Fars News Agency reported.
"In such a situation, oil price will surge and we will see that those who have imposed sanctions will not be able to be accountable for their people," he noted.
He noted that Iran can find new customers for oil.
Iran has stored up imports and hard currency for a "battle" against EU sanctions, officials said on Sunday, the day that the measures aimed at pressuring the Islamic Republic over its nuclear program take effect.
Vice President Mohammad Reza Rahimi said the country has stockpiled the population's daily needs to reduce the impact of the embargo hitting the oil and banking sectors.
"Today, we are facing the heaviest of sanctions and we ask people to help officials in this battle," Rahimi was quoted by the IRIB News.
He said the "dastardly sanctions" might cause "occasional confusion" in the market, but that the Iranian nation would not be stopped.
Central bank governor Mahmoud Bahmani also told the Mehr News Agency that Iran has "plans" to deal with the embargo and enough hard currency to meet its import needs.
The EU said earlier this week that all contracts for importing Iranian oil will have to be terminated from Sunday.
Also, European companies will no longer be involved in insuring Iranian oil. The measures come on top of previous sanctions levied by the U.S. and the West that have already hit Iran's economy.