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Obama okays fresh Iran curbs
Barack Obama gave the go-ahead for fresh sanctions against Iran’s oil sector, judging there is enough oil on world markets to ensure the move will not hit US consumers.
WASHINGTON - US President Barack Obama gave the go-ahead for fresh sanctions against Iran’s oil sector on Friday, judging there is enough oil on world markets to ensure the move will not hit US consumers.
With just hours to go before a legal deadline, Obama determined the United States could levy sanctions against banks and other financial institutions buying oil from Iran, without roiling markets.
The step is expected to have major implications for Tehran, essentially forcing companies around the world to choose between trade with the United States and buying Iranian oil. China, South Korea, India, France, Britain, Spain, Greece and Italy have all been major buyers of Iranian oil in the past.
Oil and gas form the backbone of the Iranian economy. Iran’s energy industry accounts for 70 per cent of Tehran’s revenues.
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