Iran's trade and industry minister announced on Sunday that Tehran will reduce commercial ties with European countries if they implement their oil embargo against Iran, Mehr reported.
"We in the Ministry of Industry, Mines and Commerce are studying this issue that if the European countries start oil embargo against Iran we also put a reduction of trade ties on the agenda," Mehdi Ghazanfari said. "We hope that this would be a punishment for those who imagine that they can have enmity with the Islamic Republic system and intend to disrupt the country's economic atmosphere."
He advised those countries which have joined Iran's sanctions to revise their decision and find a "just solution" to the problems surfacing in relations.
Ghazanfari added Iran's economic situation is good and it has "good relations with the world".