By Steve Hargreaves from 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.
Previously, the Obama administration determined 11 countries, 10 in the European Union and Japan, had significantly reduced their Iran oil purchases and should not be subject to new U.S. sanctions. But 12 others did not meet those requirements, including China, India and South Korea.
"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.
Read more of the CNNMoney story here.