WASHINGTON -- President Barack Obama said Friday that he was moving ahead with potential sanctions against countries that keep buying oil from Iran, including allies of the U.S., in a deepening campaign to starve Iran of money for its disputed nuclear program.

The world oil market is tight but deep enough to keep the squeeze on Iran, Obama ruled.

The sanctions are meant to further isolate Iran's central bank, which processes nearly all of Iran's oil purchases, from the global economy.

Obama's move clears the way for the U.S. to penalize foreign financial institutions that do oil business with Iran by barring them from having a U.S.-based affiliate or doing business in this country.

Obama's goal is to tighten the pressure on Iran, not allies, and already the administration exempted 10 European Union countries and Japan from the threat of sanctions because they cut their oil purchases from Iran. Other nations have about three months to significantly reduce such imports before sanctions would kick in.

Still, administration officials said that Obama is ready to slap sanctions on U.S. partners and that his action on Friday was another signal.

At issue for Obama was ruling, by Friday, whether oil supplies were sufficient to keep demanding that nations cut off Iran -- not an insignificant matter in a time of high election-year gas prices at home.

Obama gave his OK after considering available reserves, increased oil production by some countries and global economic conditions. The White House emphasized that he would continue to keep an eye on the oil market to make sure that it -- and its consumers -- could withstand shrinking purchases out of Iran.

With oil prices already rising this year amid rising tensions over the nuclear dispute between Iran and the West, U.S. officials have sought assurances that pushing countries to stop buying from Iran would not cause a further spike in prices.

The U.S. sanctions are set to take effect on June 28. A European oil embargo, approved in January, starts in July.

Put together, Obama administration officials contend Iran is about to face its most severe economic pressure ever.

The U.S. doesn't import any oil from Iran. The main importers of Iranian oil that have not received exemptions from the U.S. are China, India, Turkey, South Africa and South Korea.



Source: http://www.freep.com/article/20120331/NEWS07/203310327/U-S-may-sanction-other-nations-that-import-Iranian-oil

Heh.

I wonder how effective this will be. Surely Iran will not have difficulty finding some buyer for its oil.

Somebody who is isn't dependent on America will surely bite the bullet.

India for the most part isn't intertwined economically with the US, right?

I will like to see China get sanctioned so d US can prosper expontientially. If this d case China might appreciate its currency to do business with d US. Of course US still runs things, for Japan and co. to reduce their dependence on Iranian oil tells u something. China especially I want to see u sanctioned for your copycat ways of prospering

pawpawsir: I will like to see China get sanctioned so d US can prosper expontientially. If this d case China might appreciate its currency to do business with d US. Of course US still runs things, for Japan and co. to reduce their dependence on Iranian oil tells u something. China especially I want to see u sanctioned for your copycat ways of prospering

Bad bele . . . . .what is wrong in china rising above US ?

world bully still thinks she has the capacity to coarse china into one form of action but i know that ain't happening,china is now too big for uncle sam's control....lol....f.uck the US govt

The US must still be living in the past to think it has the power to extend laws to far east China. I laugh in native CHINESE. . .!

China has rejected new US sanctions on Iranian oil imports by other countries saying that Washington has no right to enforce unilateral sanction on other nations
according to its domestic law. "The Chinese side always opposes one country unilaterally imposing sanctions against another according to [its] domestic law. Furthermore it does not accept the unilateral imposition of those sanctions on a third country," China’s Foreign Ministry said in a brief statement on Saturday, Associated Press reported.

On Friday, US President Barack Obama gave the green light for fresh sanctions against foreign banks and other financial institutions by or through which Iran’s oil is purchased. The move would allow the US to take measures against foreign banks that deal with Iranian crude. New sanctions aim to force major importers of Iranian crude, namely China, South Korea, India, Japan and the European Union, to "significantly reduce" oil imports from Iran or face being frozen out of the US financial system. The White House insists there’s enough oil in the market to fill the gap caused by a reduction in oil exports from Iran.

"There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Obama said. Despite US assurances, there are concerns about disruptions in oil supply. The sanctions have already led to a surge in global oil prices. Rising gasoline prices have become a major issue in the US presidential election campaign. China is one of the biggest importers of Iranian oil, and has so far withstood US pressure to cut oil imports from Iran

Make dem go ahead abeg.
No need to disturb the world.
Yes, America is still powerful.