The US government imposes sanctions on any foreign financial institutions, both private and government-owned, that engage in financial transactions with the Central Bank of Iran or other Iranian banks involving the purchase of petroleum products from Iran.
The countries that have not greatly reduced oil imports from Iran by June 28, will be cut off from the US financial system. The latest sanctions allow President Obama to refuse entrance of foreign financial firms to the US market, if they work together with Iran's central bank.
The objective of the move is to put pressure on Iran to stop its uranium enrichment program, which Tehran insists is developed for peaceful purposes.
Seven countries have been exempted from economic sanctions in return for cutting imports of Iranian oil. These include India, South Korea, Malaysia, South Africa, Sri Lanka, Taiwan and Turkey.
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