Washington: United States (US) President Barack Obama agreed to impose tough, new sanctions to slow Iran’s oil exportation by targeting the financial institutions that purchase the country’s oil, media reported on Friday.
According to media reports the president said that he made the decision after determining that the world markets have enough crude oil which would not hurt U.S. allies.
“There is a sufficient supply of petroleum and petroleum products from countries other than Iran,” the president said adding that he would closely monitor the situation to assure that the market could continue to accommodate a reduction in purchases of petroleum and petroleum products from Iran.
Obama got the authority to impose the sanctions through the National Defense Authorization Act.
The congressionally mandated sanctions target foreign financial institutions that do business with Iran’s central bank — barring them from operating in the U.S. to buy or sell Iranian oil.
The penalties are to take effect at the end of June, around the same time Europe’s embargo on Iranian oil kicks in. Countries can still avoid the sanctions if they take steps to significantly reduce their imports before then.
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