Azerbaijan, Baku, Feb. 7 / Trend F.Milad/
Iranian parliament (Majlis) speaker Ali Larijani said that the Majlis is ready to approve a double-urgency bill to cut crude oil exports to the EU in response to imposing the sanctions on Iran's oil industry, Fars news agency reported on Tuesday.
The EU formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Iranian Central Bank on January 23, but existing contracts will be honored until July 1.
It was announced on January 5 that the Iranian parliament had been discussing a plan calling for a halt to Iran's oil exports to the European countries that voted for sanctions on Iran's oil industry.
Oil Minister Rostam Qasemi said that less than 20 percent of Iran's oil exports are destined for Europe, adding that the sanctions will take their toll on the European people and will not create a problem for Iran's oil exports even if exports to Europe are halted.