Iran's Foreign Minister Ali-Akbar Salehi said Monday the ties between Iran and Europe will be restored in the future, the local satellite Press TV reported.

Neither European countries nor Iran can disregard the need for mutual cooperation, Salehi was quoted as saying.

Sakegu made the remarks after Iran announced Sunday that it has stopped oil exports to British and French companies.

"The Oil Ministry has stopped oil sales to British and French companies," Iranian oil ministry spokesman Alireza Nikzad-Rahbar said Sunday.

The announcement came months before the European Union (EU) embargo on Iran's oil takes effect. The Iranian oil minister has earlier announced the probability of halting oil exports to some EU countries.

The Islamic Republic has no problem in selling its crude oil to its customers, Nikzad-Rahbar said. "We have our own oil customers and the replacements for these (British and French) companies have already been considered and we will sell the crude oil to new customers instead of the British and French companies."