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Read. Follow. Verify.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
Record date · May 8, 2024
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What This Bill Does
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.
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www.federalregister.gov
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