Banning Iranian oil sales would have inverse impact, which can’t help resolve Iranian nuclear issue. Russian Foreign Minister Sergei Lavrov said on Monday in responding to the EU’s ban on Iranian oil sales that Russia will continue to support Iran in face of sanctions on the country.

Meanwhile, Iran has reiterated its warning to block the Strait of Hormuz after the EU announcing its oil sale ban. The Iranian Foreign Minister has said the ban is unfair and will be a failure.

In another development, the US yesterday imposed a sanction on Iran’s third largest bank Tajerat, bring the total of 23 Iranian-linked financial institutions under its sanctions.