"The decision to import oil is based on many factors including commercial considerations and keeping our legitimate energy and economic security interests in mind. As we have said we are prepared to deal with the impact of the decision. There will be additional supplies from other major oil producing companies based on a robust plan which has been drawn up by the ministry of petroleum and natural gas," Raveesh Kumar, India's foreign ministry spokesman said during a media briefing.

Kumar said the decision will be taken keeping in view the country's energy security, commercial consideration and economic interests.

In last May, the United States brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015.

The United States then told India and other countries and regions to cut oil imports from Iran completely by Nov. 4 or face sanctions. However, Washington had granted a six-month waiver from sanctions to eight countries and regions, including India.

The temporary waiver ended on May 2.

India is the second largest purchaser of Iranian oil and the import meets more than 80 percent of its oil needs.

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