Reddy said that India will continue to import oil from Iran without violating any international law while calling on the United States and the European Union to take into account India's oil needs.
He made the remarks in a press conference in New Delhi on Friday.
"India has a regulated and pre-planned program for importing Iran's oil and the Indian oil companies need importing Iran's crude oil," Reddy told reporters.
He assured the Indian consumers that the oil ministry will continue to supplying the Indian oil market with its requirements.
Earlier, India's Minister of External Affairs Somanahalli Mallaiah Krishna had also said that New Delhi is studying the impacts of the Western sanctions against Iran on India, but at the same time stressed that the sanctions will not affect the country's trade with Iran.
The announcement was made by Krishna on Thursday in a written letter to the upper house of Indian parliament.
"The government is studying the impact on India of the problems that have arisen due to imposition of sanctions against Iran," he said, adding that the US and the European Union sanctions will not affect trade with Iran.
The Indian official added that the New Delhi that it is working to continue crude oil purchase from Iran.