“The world oil market cannot deal with the [repercussions of the] elimination of [Russia’s] oil if Russia is slapped with sanctions, and banning this country’s oil is impossible,” Zanganeh told Shana.

“Such a thing is impossible to happen because the market cannot tolerate the elimination of Russia’s oil,” he said.

“It would be very unlikely that the US would be able to eliminate a significant share of Russia’s production from the market,” said Zanganeh.

The Iranian minister warned of price hikes that in case the US imposes sanctions on Russia’s oil.

“If Russia’s events become serious, the oil price will pick up sharply,” Zanganeh said.

“If no unpredictable event occurs, major fluctuations are likely in the oil market,” he said.