US President Barack Obama said that the world market has enough oil to compensate the embargo on Iran. The US plans to impose sanctions on states continuing oil imports from Iran, RBC reports.
Obama passed a bill in December 2011. The document requires the president to comment on the need for oil imports from Iran every once in half a year. According to the law, the US will pass sanctions against foreign banks financing Iranian oil trade after June 28, 2012.
Washington will not use sanctions against states that reduced oil imports from Iran. Such conclusion was made for 10 states of the EU and Japan in March 2012.
Limitations of Iranian oil exports are part of the US strategy to force Iran to abandon the nuclear program.
