President Barack Obama is pushing forward with new sanctions designed to cripple Iran’s oil exports. The president said Friday there's enough oil on world markets to permit him to take the step without harming U.S. allies
President Obama’s move authorizes U.S. sanctions on foreign banks that continue to buy oil from Iran.
It is aimed toward further isolating from world markets Iran’s central bank, which handles many of the proceeds from the country’s oil sales.
Friday’s announcement from the White Home is a part of a campaign by the us and its allies to extend pressure on Iran to desert its nuclear program.
The Western allies believe Iran is operating toward building a nuclear bomb. Iran says its nuclear program is for peaceful purposes.
Senior White House officials say Japan and the ecu Union have already taken steps to attenuate their oil purchases from Iran, and feature been exempted from the sanctions. The officials believe other nations will follow, including South Korea and Turkey.
The penalties are to take effect in late June, shortly before the ecu oil embargo is enacted.
At the State Department, spokesman Mark Toner said a lot of America’s allies has been cooperating.
"And definitely the announcement a pair weeks ago of these countries that we believe have made substantial progress on this indicate that we’re confident that we are able to do that in an extremely coherent, deliberative fashion that’s unlikely to disrupt the market,†he said.
A defense bill Mr. Obama signed in December gave him until Friday to work out whether there has been enough oil at the world markets to permit the cuts in imports from Iran.
In a written statement, the president said while the worldwide oil market remains tight, there's enough supply to permit countries to chop their oil imports from Iran.
Mr. Obama said he would continue to observe the placement closely.
Seven months before the U.S. presidential election, rising gasoline prices are causing concern among voters.
From WhatNewsToday.net
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