Reuters: US Dollar Report: UPDATE 1-Obama decides enough non-Iranian oil to advance on sanctions

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UPDATE 1-Obama decides enough non-Iranian oil to advance on sanctions Mar 30th 2012, 17:40 Fri Mar 30, 2012 1:40pm EDT WASHINGTON, March 30 (Reuters) - U.S. President Barack Obama on Friday determined there is enough oil in the world market to allow countries to cut imports from Iran, U.S. congressional and administration officials said, allowing Washington to move closer to sanction countries which still buy Iranian oil. Obama is required by a sanctions law he signed in December to determine by March 30, and every six months after, whether the price and supply of non-Iranian oil are sufficient to allow consumers to "significantly" cut their purchases from Iran. The law allows Obama after June 28 to sanction foreign banks that carry out oil-related transactions with Iran's central bank and effectively cut them off from the U.S. financial system. "Today, we put on notice all nations that continue to import petroleum or petroleum products from Iran that they have three months to significantly reduce those purchases or risk the imposition of severe sanctions on their financial institutions," said Senator Robert Menendez, a co-author of the sanctions law who was briefed on Obama's decision.

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