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USA Exempts Singapore And China On Iran Oil

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  • USA Exempts Singapore And China On Iran Oil

    USA EXEMPTS SINGAPORE AND CHINA ON IRAN OIL

    ARMENPRESS
    15:01, 29 June, 2012

    Acting at the last minute, the Obama administration on Thursday spare
    China and Singapore from potentially onerous financial penalties
    required under a strict American law on Iran sanctions, saying that
    both countries had earned an exemption by significantly reducing
    their purchases of Iranian crude oil.

    Armenpress reports calling The New York Times that Secretary of State
    Hillary Rodham Clinton announced the waivers for China and Singapore
    in a statement as the American law, aimed at severely reducing Iran's
    ability to export oil, its economic lifeline, formally took effect.

    The law is part of a coordinated Western effort to pressure Iran
    economically because of its disputed nuclear program The European
    Union will impose an embargo on Iranian oil starting this Sunday.

    The measures are sure to compound economic pain in Iran, where oil
    exports this year compared with 2011 have plunged by 40 percent,
    according to the International Energy Agency.

    The American waiver granted to China, Iran's top customer of oil, was
    regarded as especially significant because it averted a potentially
    serious collision between China and the United States, which are both
    members of the group of six big powers that are negotiating with Iran
    in the nuclear dispute. Under the American law, banks of countries
    that are Iranian oil importers can be denied access to the American
    banking system.

    Eighteen countries had previously been granted exemptions because
    they had significantly reduced their Iranian oil purchases.

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