Menendez Welcomes President's Support for CBI Sanctions

Statement

Today President Obama announced his determination that there is a sufficent supply of non-Iranian petroleum and petroluem products to allow for the sanctions on the Central Bank of Iran, authored by Senators Robert Menendez (D-NJ) and Mark Kirk (R-IL) in December, to proceed. Countries that import Iranian petroleum or petroluem products through transactions with the Iranian Central Bank or other designated banks will have to significantly reduce those purchases by June 28 or risk their banks losing their correspondent accounts in the United States. The United States has already granted exemptions from the sanctions to 10 EU countries and Japan for reducing their purchases from Iran.

Menendez said:

"I welcome President Obama's decision and his support for the CBI sanctions. The President today clearly recognized both the importance of the CBI sanctions to isolating Iran politically and economically and the presence on the market of sufficient alternative petroluem supply though sources in Saudi Arabia, Iraq and Libya.

"Today, we put on notice all nations that continue to import petroluem or petroleum products from Iran that they have 3 months to significantly reduce those purchases or risk the imposition of severe sanctions on their financial institutions. It is my opinion that most countries will significantly reduce their purchases by the June 28 deadline -- either because of the sanctions or because they share the U.S., EU and IAEA's grave concerns about Iran's verified effort to acquire nuclear weapons capability."

Source