Nasser Soudani, deputy chairman of the committee, said on Saturday that the double-urgency bill for halting Iran oil exports to Europe had been finalized in four clauses.

“According to one of the main clauses, the Islamic Republic of Iran will halt all oil exports to European countries as long as they continue to ban oil imports from Iran,” he added.

The lawmaker said the bill may undergo further modifications as some Iranian parliamentarians believe that oil exports to EU should be stopped for five years.

“Another clause obliges the government to forbid imports of all goods from countries which have imposed sanctions on our country,” he added.

Soudani announced on January 25 that in reaction to EU sanctions against Iran’s oil sector and central bank, Iranian lawmakers were drafting a new law to stop oil supply to European countries.

During their latest meeting in Brussels on January 23, EU foreign ministers reached an agreement to ban oil imports from Iran, freeze the country’s central bank’s assets within EU, and ban sales of diamonds, gold and other precious metals to Iran.

EU foreign policy chief, Catherine Ashton, claimed that the new sanctions aim to bring Iran back to negotiations with P5+1 — US, UK, France, Russia, China and Germany — over the country’s peaceful nuclear program.

The United States, Israel and their European allies accuse Tehran of pursuing military objectives in its nuclear program and have used this pretext to impose four rounds of international and a series of unilateral sanctions against the Islamic Republic.

Iran has refuted the allegations, arguing that as a signatory to the Nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, Tehran has a right to use nuclear technology for peaceful use