US exempts
China and Singapore from tough Iran sanctionsWashington:The US today
exempted China and Singapore from its tough, new sanctions on Iranian oil
trade, hours before the curbs would have entered into force tomorrow. 'I have
made the determination that two additional countries, China and Singapore, have
significantly reduced their volume of crude oil purchases from Iran,' Secretary
of State Hillary Clinton said in a statement. She said as a result the Iran
Sanctions Act will not apply to their financial institutions for a potentially
renewable period of 180 days.
'A total of 20 world economies have now qualified for such an exception. Their cumulative actions are a clear demonstration to Iran's government that Iran's continued violation of its international nuclear obligations carries an enormous economic cost,' she said in a statement. According to the International Energy Agency (IEA), Iran's crude oil exports in 2011 were approximately 2.5 million barrels per day, and have dropped to roughly 1.5 million barrels per day, which in real terms means almost USD
8 billion in lost revenues every quarter, she said. When the European Union oil embargo goes into effect on July 1, Iran's leaders will understand even more fully the urgency of the choice they face and the unity of the international community, she added.
T oday marks an important milestone in the implementation of the NDAA and US sanctions toward Iran, Clinton said. 'Following the President's determinations on March 30 and June 11 on the availability of non-Iranian supplies of oil, as
of today, any foreign financial institution based in a country that has not received an NDAA exception is subject to US
sanctions if it knowingly conducts a significant transaction with the Central Bank of Iran for the sale or purchase of
petroleum or petroleum products to or from Iran,' she said.
'A total of 20 world economies have now qualified for such an exception. Their cumulative actions are a clear demonstration to Iran's government that Iran's continued violation of its international nuclear obligations carries an enormous economic cost,' she said in a statement. According to the International Energy Agency (IEA), Iran's crude oil exports in 2011 were approximately 2.5 million barrels per day, and have dropped to roughly 1.5 million barrels per day, which in real terms means almost USD
8 billion in lost revenues every quarter, she said. When the European Union oil embargo goes into effect on July 1, Iran's leaders will understand even more fully the urgency of the choice they face and the unity of the international community, she added.
T oday marks an important milestone in the implementation of the NDAA and US sanctions toward Iran, Clinton said. 'Following the President's determinations on March 30 and June 11 on the availability of non-Iranian supplies of oil, as
of today, any foreign financial institution based in a country that has not received an NDAA exception is subject to US
sanctions if it knowingly conducts a significant transaction with the Central Bank of Iran for the sale or purchase of
petroleum or petroleum products to or from Iran,' she said.
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