US President Barack Obama is to introduce fresh sanctions on buyers of Iranian oil, officials say.
Mr Obama has reportedly determined that there is enough oil in the world market to avoid negative consequences for US allies of an oil boycott.
The move would allow the US to sanction foreign banks which are still involved in the oil trade with Iran.
Iran is facing international pressure to address concerns over its nuclear enrichment programme.
The sanctions aim to isolate the Iranian central bank, which processes nearly all of Iran's oil purchases, from the US financial system.
Earlier this month, the US gave exemptions from the sanctions to several countries which are heavy importers of Iranian oil.
Source & Image : BBC
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