The United States today granted 180-day waivers on Iran sanctions to China, India, South Korea, Turkey, South Africa, Sri Lanka, Malaysia, Singapore and Taiwan in exchange for those nations cutting purchases of Iranian oil. Japan and other major buyers of Iranian oil had been granted “exceptions” in September. (Reuters, 7 December)
“The United States and the international community remain committed to maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear program,” U.S. Secretary of State Hillary Clinton said in a statement after granting exceptions.
Iran's oil exports have fallen 50 percent in the first 10 months of the year in the face of U.S. and EU sanctions. The estimates show the exports will hit a new low of 824,000 barrels per day in December.
Under the U.S. law, banks in countries that buy oil from Iran can be cut off from the American financial system unless their purchases continuously and significantly decline.