Obama Clears Way for Sanctions on Iran
President says world market has enough oil to enact restrictions
By Dustin Lushing, Newser Staff
Posted Mar 30, 2012 5:42 PM CDT
Iranian supreme leader Ayatollah Ali Khamenei on March 20.   (AP Photo/Office of the Supreme Leader)

(Newser) – President Obama today greenlighted sanctions designed to choke Iran's oil industry and pressure Tehran into giving up its nuclear ambitions. The decision comes after the White House established that there's enough crude oil in world markets to keep American allies steady if they reduce imports from Iran, reports AP.

The restrictions will target international banks that buy oil from the country. Foreign nations will have three months to drastically decrease their Iranian oil purchases in order be exempt from penalties. Ten EU countries and Japan have already received waivers. Obama will have to make a similar assessment of the world's oil supplies in another six months.

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Showing 3 of 28 comments
huck555
Mar 31, 2012 5:56 PM CDT
What a steaming pile of crap. Not buying their crude oil? You want to bring Iran down? Stop exporting refined petrol. They would crumble in 90 days. Talk about a load. Obama has absolutely no interest whatsoever in making life difficult for Iran. He loves Iran more then he cares about America. Get rid of him.
beaches121
Mar 31, 2012 2:38 PM CDT
When did he do that??? While he was making promises to the Russians but not until after he was elected? You would think they would have learned about those open mikes by now.
stevsie
Mar 31, 2012 1:10 PM CDT
I declare sanctions on the the federal government.