Iran’s petroleum minister says Iran may halt oil exports if Western countries further strengthen sanctions against the Islamic republic.

Rostam Qasemi said in a meeting with reporters that his country has “Plan B contingency strategies to survive without oil revenues."

Qasemi said Iran would have to reduce its oil exports if Western sanctions intensify. He warned that a cut in Iran’s oil exports would send international oil prices soaring, and U.S. and European citizens would suffer from it.

In addition to a ban on oil imports from Iran, the U.S. and the European Union are pushing for more sanctions, such as bans on natural gas imports and transactions with Iranian banks.