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

After Eric Garner death, religious leaders meet to…

Interfaith leaders convened with city officials to discuss what the community can do to help dial down heightened tensions after Eric Garner's death.

Local

'Suspicious' Hamilton Heights fire caused by power strip:…

An extension cord overload caused the deadly fire in Hamilton Heights late Monday that killed a 15-year-old girl and injured at least 12 others.

National

At 91, Marvel creator Stan Lee continues to…

By Piya Sinha-RoyLOS ANGELES (Reuters) - Marvel Entertainment's chief emeritus Stan Lee may be in his ninth decade, but it hasn't stopped him from adding…

National

Islamic State says beheads U.S. journalist, holds another

Islamic State insurgents released a video purportedly showing the beheading of U.S. journalist James Foley, who had gone missing in Syria nearly two years ago.

Movies

Review: Sadly, Matthew Weiner's 'Are You Here' is…

"Mad Men" creator Matthew Weiner tries his hand at movies with "Are You Here," a misjudged Owen Wilson-Zach Galifianakis comedy that turns into a drama.

Movies

Review: 'Love is Strange' is not only a…

John Lithgow and Alfred Molina tie the knot in "Love is Strange," but the film winds up being more about living with people than an activist picture.

Movies

Frank Miller on writing 'Sin City'

Frank Miller's comics career is a long and storied one, with "Sin City" being one of his most individual creations. Here, in his own words,…

Movies

Interview: Jessica Alba is a stripper again in…

Jessica Alba has gotten used to vague phone calls from director Robert Rodriguez, the Austin-based auteur who has made a habit of putting Alba into…

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL defense (DEF)

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL quarterbacks (QB)

MLB

Shane Greene travels unlikely road to Yankees stardom

Shane Greene was throwing a bullpen session on a quiet field at Daytona Beach Community College one day when the ball started moving.

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL tight ends (TE)

Tech

Siren: A new dating app that puts women…

Online dating can be brutal, especially for single women. Noting that many women hate wading through inappropriate messages and photos, two tech entrepreneurs decided to…

Wellbeing

What eye symptoms need emergency attention?

Many people experience temporary eye-related problems such as pink eye (conjunctivitis) from a cold virus or a scratched cornea resulting from an object coming into…

Sex

Big weddings may lead to longterm happiness

Dreaming of a big wedding? A new study indicates that the longer your guest list, the happier you’ll be in the long run. A new…

Parenting

Fun family activity: Off-Broadway show for pre-teens

"The Love Note" is an off-Broadway musical your pre-teen won't roll his or her eyes at.