Iranian Oil Minister Rostam Qassemi has warned that any shortage of Iranian crude oil in the global oil markets will have negative impacts on the countries imposing the sanctions.

Speaking in Vienna, he said "In the past and before the oil sanctions against Iran, we warned the countries imposing them that they themselves will be harmed by the embargoes, and, unfortunately, now the European people are living under pressure."

"We repeatedly declared that the shortage of Iranian oil in international markets will have a very negative effect on the countries imposing sanctions and can strain the market atmosphere," the minister stated.

FARS reported that many analysts believe that the bloc that has been approved on oil sanctions against Iran comes at a time when it is experiencing its worst economic conditions.

"The EU is at its worst possible conditions," Director of the Environment, Energy, and Economic Development program at the RAND Research and Analysis Corporation Keith Crane told FNA earlier this month.

"Countries are able to bypass economic sanctions" he added.