U.S. extends Iran oil sanction waivers to China, India, South Korea

The waivers, which the State Department calls exceptions, mean that banks in the consuming countries will not face being cut off from the U.S. financial system for the next six months. Credit: Reuters

The State Department extended six-month waivers on sanctions against Iran on Friday to China, India, South Korea and other countries in exchange for their reducing purchases of Iranian crude oil earlier this year.

The waivers had been expected. Under a law governing sanctions imposed on Iran’s disputed nuclear program by the United States, the State Department is required to determine whether the Islamic Republic’s oil consumers have reduced their purchases.

The decision comes even after the United States and five other global powers, known as the P5+1, agreed in Geneva this month to ease Iran’s access to about $4.2 billion in foreign currency reserves for six months in exchange for Tehran’s taking steps to curb its nuclear program.

The waivers, which the State Department calls exceptions, mean that banks in the consuming countries will not face being cut off from the U.S. financial system for the next six months.

“We will continue to aggressively enforce our sanctions over the next six months, as we work to determine whether there is a comprehensive solution that gives us confidence that the Iranian nuclear program is for exclusively peaceful purposes,” Secretary of State John Kerry said in a statement.

Since the beginning of the sanctions regime in 2012, all 20 of Iran’s oil customers have qualified for the periodic waivers. But despite the Geneva agreement, the United States reserves the right to sanction any oil consuming country should it suddenly increase its purchases.

Officials from the Departments of State, Treasury and Commerce have worked with Iran’s buyers since 2012 in an effort to find alternative sources of crude, including oil from Saudi Arabia.

Under the Geneva accord, the P5+1 agreed to pause efforts to further reduce Iran’s crude oil sales, allowing consuming countries to continue buying their “current average amounts of crude oil.” The interim agreement is meant to build confidence for a final agreement on the nuclear program.

Under that agreement, Iran’s oil exports will be held to about 1 million barrels per day, the level its sales have averaged this year. Iran’s oil shipments were about 2.5 million bpd in the beginning of 2012, before U.S. and European sanctions took effect. The U.S. sanctions law could have driven Iran’s oil sales even lower if Iran and the P5+1 did not come to agreement in Geneva.

The State Department said Turkey and Taiwan also qualified for the waivers. Malaysia, South Africa, Singapore and Sri Lanka, which no longer purchase oil from Iran, also qualified for the exceptions.



News
Entertainment
Sports
Lifestyle
Local

Cabbie tried to sexually assault passenger with kids…

NYPD is on the lookout for a taxi driver suspected of trying to sexually assault a female passenger while her three kids were in the car.

Local

FDNY debuts new fire simulator for blazes at…

The New York City Fire Department christened its newest, state-of-the-art, custom-built simulator at its training academy on Randall's Island Tuesday.

Local

Bronx cop saves baby who stopped breathing

A Bronx police officer is credited with saving the life of a 2-month-old baby who stopped breathing Tuesday morning. Police Officer Johnny Castillo, 38, was…

Local

Brewer celebrates Women's Equality Day with voter pledge

Manhattan Borough President Gale Brewer celebrated Women’s Equality Day Tuesday by pledging to register at least five women voters before the Oct. 10 deadline. Brewer…

Entertainment

QUIZ: How many English words do you actually…

Are you as smart as you say you are? Are you a word nerd? Take this quick vocabulary test to find out if you're a true wordsmith. Good luck.

Television

'Pretty Little Liars' recap: Season 5, Episode 12,…

If you've wondered whether Ali and Bethany knew each other, you got an answer tonight: Yes, and in a very tangled way. But many lingering…

Entertainment

Cymbals Eat Guitars Have Everything to 'LOSE'

At its most basic level, a rock band can be thought of as a family, a group of people selflessly devoted to a cause. When…

Entertainment

"Bachelor in Paradise" recap: Episode 4, 'Week Four'

Some things are hard to watch in a “Human Centipede” sort of way. Other things in an “American History X” sort of way. Does “Bachelor…

College

When are 2014 college football playoffs? (Schedule, date,…

When and where are 2014 college football playoffs? A look at the schedule, date, TV, time for the semi-finals at championship game.

NFL

Dimitri Patterson suspended only for rest of preseason…

Dimitri Patterson ended up getting just a slap on the wrist.

Sports

Eugenie Bouchard excited for 'rowdy' fans at US…

Eugenie Bouchard is sure to endear herself to New York's tennis faithful as she tries to win her first grand slam title across the next two weeks.

MLB

MLB Power Rankings: Angels and A's still at…

MLB Power Rankings: Angels and A's still at top, Nationals climb

Wellbeing

Who is having the most orgasms?

  Single lesbians report having orgasms more often than heterosexual women but both gay and straight men still come out on top of the climax…

Home

Jonathan Adler shares his tips for a great…

Jonathan Adler took a break from boogie boarding at his beach house to tell us how to keep that Labor Day party festive.

Travel

Most popular Labor Day weekend destinations

Priceline.com released its Top 20 destinations for the end of summer, including Labor Day weekend. If you’re heading to any of these spots, expect a…

Wellbeing

Working your way to type 2 diabetes: Job…

When it comes to type 2 diabetes, a stressful job can be as risky for your health as a bad diet and no exercise. A…