Obama Imposes Tough New Sanctions on Iranian Oil (INN) ISRAEL NATIONAL NEWS) By Elad Benari, Canada 03/31/12)
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U.S. President Barack Obama is moving ahead with tough new sanctions
aimed at squeezing Iran´s oil exports, The Associated Press reported
The decision was made after Obama determined there is enough crude on
world markets to take the step without harming U.S. allies, the
Obama´s move allows the U.S. to go forward with sanctions on foreign
banks that continue to purchase oil from Iran. The sanctions aim to
further isolate Iran´s central bank, which processes nearly all of
the Islamic republic´s oil purchases, from the global economy.
Obama signed a sweeping defense bill at the end of December which
gave him until Friday to determine if there was enough oil supply on
the world market to allow countries to cut their oil purchases from
Obama announced his decision in a statement Friday, after a source
initially confirmed the news to AP.
According to Obamaís statement, he based his decision on global
economic conditions, the level of spare oil capacity and increased
production by some countries, among other factors. He said he would
keep monitoring the global market closely to ensure it can handle a
reduction of oil purchases from Iran.
AP noted that 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, the report said.
Domestic and foreign policy concerns have complicated the
administration´s decision to pursue the oil sanctions.
Earlier on Friday, Turkey announced it was reducing oil imports from
the Islamic Republic by 20 percent.
This week the U.S. hit six Iranian firms and shipping executives with
sanctions, for allegedly dealing in weapons of mass destruction and
ballistic missile technology.
Two weeks ago, the Society for Worldwide Interbank Financial
Telecommunication, or SWIFT, announced that it is cutting off some 30
Iranian banks and subsidiaries from its network, as part of global
efforts to punish Iran for its nuclear weapons program.
(IsraelNationalNews © 2012 03/31/12)
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