The Iraqi government announced that it will ask the US for exclusion from the Iranian sanctions as is the case with Japan, stating that the decision allowed states to waive some of the sanctions. The government also confirmed that Iraq would be affected by the application of the ban. Government spokesperson Ali Al-Dabbagh revealed: "Iraq is importing large quantities of electric power, petroleum products, in addition to Iranian goods from, wherein the volume of trade exchange between the two countries is worth millions of dollars." Al-Dabbagh stressed that the Iraqi government considered the national interests and the interests of the Iraqi market as well, pointing that Iraq would be in a difficult position if the prohibition was applied. US President Barack Obama signed on December 31, 2011 a law toughening penalties for the Iranian financial sector to pressure Tehran to abandon its nuclear programme. The law provides for the freezing of assets of financial institutions that deal with Iran’s oil sector, which led to a decline in value of the Iranian Rial, driving down its value to 18,000 against the dollar.