A senior Iranian lawmaker said on Sunday that his country's insurance companies are ready to cover foreign ships and oil tankers in a bid to push back the EU's oil embargo, the semi-official Fars news agency reported.

Seyed Mohammad-Hossein Mir-Mohammadi, a member of the Iranian Majlis (parliament) Economic Commission, told Fars that Iranian insurance companies are now capable of providing services at an international level.

The ban on insuring vessels carrying Iranian crude cargos inflicted a heavy loss on the Western insurance companies, he said, adding that in the meantime, their Iranian counterparts were thus given a chance to make a huge progress.

On Wednesday, another Iranian official said Iran would insure the cargo ships entering its waters in a bid to circumvent the EU oil embargo forbidding the bloc's insurers to cover the ships carrying Iranian oil.

"Iran will take all responsibility to insure any foreign shipping line and any ship that enters Iranian waters," Ataollah Sadr, the managing director of Ports and Maritime Organization of Iran, was quoted by the semi-official Mehr news agency as saying.

Amid efforts to curb Iran's controversial nuclear program, the EU imposed an oil embargo on Tehran on July 1, banning all of the EU insurers from covering cargo ships carrying Iranian oil.

Iranian officials said Iran can find ways to bypass the Western sanctions and assure the buyers.