US President Barack Obama has approved the introduction of fresh sanctions on buyers of Iranian oil.
Mr Obama has determined that there is enough oil in the world market to avoid negative consequences for US allies of a boycott of Iranian oil.
The move would allow the US to sanction foreign banks which are still involved in the oil trade with Iran.
Iran is facing international pressure to address concerns over its nuclear enrichment programme.
Mr Obama said in a statement that he would continue to monitor the global market closely to ensure it could handle a reduction of oil purchases from Iran.
Mr Obama was required by a law he signed in December to determine by 31 March whether the market allowed countries to "significantly" cut their purchases from Iran.
The sanctions aim to isolate the Iranian central bank, which processes nearly all of Iran's oil purchases, from the US financial system.
Earlier this month, the US gave exemptions from the sanctions to several countries which are heavy importers of Iranian oil.
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