TEHRAN - Iran's Oil Minister Rostam Qasemi said that if South Korea completely cuts its crude oil imports from Iran, the Islamic republic will reconsider its ties with Seoul, the official IRNA news agency reported on Friday.

"Iran is one of the major importers of South Korean goods and if it completely cuts its oil imports from Iran, that country will suffer the most," Qasemi was quoted as saying.

South Korea's Yonhap News Agency quoted Iranian Ambassador Ahmad Masumifar as saying on Wednesday that Iran "may decide to fully stop importing Korean goods" if South Korea imposes a ban on Iranian oil.

The comments came as media reported that South Korea would be forced to stop oil imports from Iran starting July 1 as the EU will ban insurance on Iran oil shipments.

The EU Foreign Affairs Council decided on Monday to ban any type of insurance for Iranian oil shipments from July 1 onwards.