toomuchtime_
Gold Member
- Dec 29, 2008
- 20,180
- 5,070
- 280
US President Barack Obama said on Friday he has determined there is enough oil in the world market to allow countries to cut imports from Iran, allowing Washington to begin sanctioning countries that continue to buy Iranian oil.
In his decision, required by a sanctions law he signed in December, Obama said in a statement that increased production by some countries as well as "the existence of strategic reserves" helped him come to the conclusion that sanctions can advance
"I will closely monitor this situation to assure that the market can continue to accommodate a reduction in purchases of petroleum and petroleum products from Iran," Obama said.
The sanctions aim to pressure Iran to curb its nuclear program, which the West suspects is a cover to develop atomic weapons but which Iran says is purely civilian.
Senator says US putting nations on notice
Obama is required by law to determine by March 30, and every six months after that, whether the price and supply of non-Iranian oil are sufficient to allow consumers to "significantly" cut their purchases from Iran.
The law allows Obama, after June 28, to sanction foreign banks that carry out oil-related transactions with Iran's central bank and effectively cut them off from the US financial system.
"Today, we put on notice all nations that continue to import petroleum or petroleum products from Iran that they have three months to significantly reduce those purchases or risk the imposition of severe sanctions on their financial institutions," said Senator Robert Menendez, co-author of the sanctions law.
Obama: Enough world oil to justify Iran ... JPost - International