A senior Iranian lawmaker said Monday that European Union (EU)'s ban on oil imports from Iran will be a "hefty economic loss" for Europeans, the local satellite Press TV reported.

"Countries which voted for (oil) sanctions against Iran have been unaware of the impact that this measure will have on them and have been unable to understand hefty economic losses which they will suffer under these critical conditions," Esmail Kowsari, a member of the Iranian (parliament) Majlis National Security and Foreign Policy Commission, was quoted as saying.

Kowsari said that Iranian lawmakers have prepared a bill to stop oil exports to the EU which is in final stages of approval and will give a suitable response to the West's hostile measures against Iran, said the report.

The Iranian lawmaker said that stopping oil exports to the EU by Iran will deal a heavy blow to hundreds of European refineries.

In the past few days, some Iranian lawmakers said Iran's Majlis 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.

Iran's Oil Minister Rostam Qasemi said on Sunday that his country will soon stop oil exports to certain members of the European Union.

"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 reporters.

"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 said, adding that the embargo would not create a problem for Iran's oil exports even if sales to Europe were halted.

Last Monday, the EU foreign ministers 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.