India imports a large quantity of oil from Iran and has committed an investment of $500 million for the development of the crucial Chabahar port.
Indian refiners will likely gain more clarity on how much the United States would like them to cut after a meeting with US officials scheduled for July 16 to 17, said an official with a state-run refiner who declined to be named due to the sensitivity of the matter.
Speaking after the meeting of the heads of the three branches, Dr Hassan Rouhani said on Saturday: "The current path and policy of the United States towards Iran, the region and the World of Islam, and even their allies can not be continued".
"Europe needs to build tools to defend against extraterritorial sanctions", added he.
Stating that the path of resistance, steadfastness and planning and coordination with people and interaction with allies will thwart conspiracies of the enemies, Dr Rouhani described U.S. sanctions blind, targeting the people of Iran.
"Fortunately, regarding the unlawful actions of the United States, the honourable authorities and the government have had good contacts with different European countries, China, Russia and neighbouring and important countries in Asia and the majority of them to whom protecting their independence and sovereignty is important have a positive answer, saying that they will not abide by US' internal laws".
Hashemi warned that Iran had to be prepared against the USA sanction that will be implemented in November.
Lower purchases by private refiners dragged down India's June imports from Iran although state refiners stepped up purchases.
He said that if we are unable to export oil from the Persian Gulf, no one will be able to do that.
China and India, which continued to import Iranian crude during the earlier sanctions on Iran increased imports on a year-on-year basis during the same period, though the latter is likely to succumb to USA pressure and slow imports.
In total, South Korea's June crude imports were 13.14 million tonnes, or 3.21 million bpd, up 13.2 percent from 11.61 million tonnes in the same month a year ago.
Velayati said Tehran will simply cope with the sanctions like it has in the past.
India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.
India is Iran's second-biggest oil buyer after China and was among the few countries that didn't completely stop trading with Iran when Western sanctions were imposed on it in 2012 over its nuclear program.
Interestingly, around 62 % of Indian oil imports come from Saudi Arabia and other middle eastern countries like Iran, Iraq and Kuwait.
Indian refiners are confident that US sanctions on Iran will not disrupt crude oil supplies because the global market has abundant supplies and numerous sellers.