NEW YORK (CNNMoney) -- President Obama ratcheted up the pressure on Iran Friday, deciding to implement previously announced sanctions that will be the toughest to date.The decision declares that world oil markets can be adequately supplied even if a significant portion of Iran's 2.2 million barrels a day in oil exports is taken off the table.
"There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Obama said in a statement.
The sanctions, announced late last year, are aimed at getting Iran to give up its nuclear program -- a program Iran says is for peaceful purposes but many suspect is intended to produce a bomb.
The decision was widely expected. Read More
