FEDERALpresidential document

Presidential Determination on Iranian Petroleum Supplies

Original title: Presidential Determination Pursuant to Section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012

May 8, 2024

Energy Policy Foreign Policy Sanctions Petroleum

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The Frame

What this does

This determination provides the legal basis for the U.S. to enforce sanctions on foreign financial institutions that continue to purchase oil from Iran.

What changed

Last recorded activity May 8, 2024.

What's next

Next step not available in the current record.

Summary

President Biden has determined that there is enough global petroleum supply from countries other than Iran to allow for a reduction in Iranian oil purchases. This action supports ongoing international efforts to limit financial transactions involving Iranian petroleum.

Why It Matters

This determination provides the legal basis for the U.S. to enforce sanctions on foreign financial institutions that continue to purchase oil from Iran.

Key Facts

The President determined that sufficient non-Iranian petroleum supplies exist to justify reducing purchases from Iran.
This determination is based on reports from the Energy Information Administration and global economic conditions.
The Secretary of State is directed to publish this finding in the Federal Register.