Breaking News Alert
The New York Times
Friday, March 30, 2012 -- 2:22 PM EDT
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Obama Clearing Way to Tighten Sanctions Targeting Iranian Oil
President Obama has determined there is enough oil in world markets to allow countries to rely less on imports from Iran, a step that could ramp up western sanctions to deter Tehran's nuclear ambitions, an administration official said Friday.
Mr. Obama is required by law to decide by March 30, and every six months after, whether the price and supply of non-Iranian oil is sufficient to allow for countries to cut their oil purchases from Iran.
The new sanctions, passed as part of the defense budget and mandated by the Senate in a rare 100-0 vote, penalize foreign corporations or other entities that purchase oil from Iran's central bank, which collects payment for most of the country's energy exports. The sanctions are meant to pressure Iran to curb its nuclear program.
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