Obama OKs sanctions vs. countries that buy oil from Iran

U.S. President Barack Obama will go ahead with sanctions against countries that keep buying oil from Iran.

In his "presidential determination" announced Friday, he said “current estimates of demand, increased production by some countries, private inventories of crude oil and petroleum products, and available strategic petroleum reserves” helped him conclude that there are enough oil reserves in the rest of the world to compensate.

White House officials had "constructive discussions" with South Korea on reducing the latter`s imports of Iranian oil, a senior Obama administration official said at a conference call with reporters. South Korea also hinted at reducing oil imports from Iran, he added.

"In the past, the South Koreans have been strong partners in the implementation of sanctions. So we expect to continue to make progress with South Korea in our discussions," the official said.

Under the U.S. National Defense Authorization Act, which includes the amendments co-authored by senators Robert Menendez and Mark Kirk on sanctions legislation targeting Iran, financial institutions that have transactions with the Central Bank of Iran for Iranian oil imports are banned from opening or maintaining banking accounts in the U.S.

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