31 Mar 2012

US moves ahead with Iran oil sanctions

11:08 am on 31 March 2012

The United States President Barack Obama has given the green light for sanctions that will target Iran's oil exports in a bid to pressure it on its nuclear programme.

The White House says it has determined there is enough non-Iranian oil supply worldwide to move forward with sanctions passed by Congress last year.

The sanctions, from 28 June, will target financial institutions that do business with Iran's central bank, which channels funds involved in its oil exports.

The US does not import Iranian oil under previous sanctions, but the move will force other countries which do trade with Iran to give up that trade or face sanctions.