Iran's Oil Minister Rostam Qasemi said on Sunday that his country will soon stop oil exports to certain members of the European Union (EU), the semi-official Mehr news agency reported.

"According to the Oil Ministry's future plans, we will cut our exports to certain countries" in response to the EU's recent oil embargo against Iran, Qasemi told some reporters.

Last Monday, the foreign ministers of the EU members decided to embargo Iran's oil and oil products, causing investors to worry about the global oil supplies as Tehran had threatened in retaliation to close the Strait of Hormuz, a key shipping lane for the trade.

Major EU importers of Iran's oil, such as Greece, Italy and Spain, have until July 1, when the embargo comes into force, to find alternative oil suppliers.

"Less than 20 percent of Iran's oil exports are destined for Europe" and the EU sanctions will take a heavy toll on the European people, Qasemi was quoted as saying, adding that the embargo would not create a problem for Iran's oil exports even if sales to Europe were halted.

In the past few days, some Iranian lawmakers said Iran's Majlis (parliament) would discuss a bill over a ban on oil exports to the EU. However, the Majlis Energy Commission said on Sunday that no bill has been drafted or brought to the legislature regarding that matter.