WASHINGTON: President Barack Obama has given the go-ahead for robust sanctions against Iran’s energy sector, judging there is enough oil on world markets to ensure the move will not hammer US consumers. Obama determined that the United States could punish banks and other financial institutions for buying oil from Iran without causing a global oil shock. The step could have major implications, forcing firms and countries to choose between trade with the US and Iranian oil. The measures call on countries to “significantly reduce” oil imports from Iran – although not stop them all together – or face being frozen out of the US financial system.
Published in The Express Tribune, April 1st, 2012.