The deadline for the US legislation which calls for action against countries buying large volumes of Iranian oil through the Central Bank Of Iran comes to an end today. The law authorizes the US President to cut off the financial institutions US President Obama gains authority to impose sanctions on countries doing oil deals with Iran’s central bank from today.

17 countries including India, Japan, Turkey etc. have been granted waivers from sanctions by US because of reducing the purchases of Iranian oil significant reductions The European Union’s full oil embargo against Iran which was approved in January comes into effect on Sunday.

Iran has asked EU to reconsider the oil embargo. Iranian Foreign Minster Ali Akbar Salehi told reporters in Cyprus that EU should look into the matter with more rationality and wisdom since nobody benefits from confrontations.