US denies waiving off tough oil sanctions against Iran despite nuke agreement

The United States has said it is maintaining tough oil-related sanctions against Iran, despite the recent deal over its nuclear programme.

President Barack Obama has, meanwhile, defended the interim nuclear agreement with Iran and has asked Congress not to impose new sanctions on Iran during a six month period when a final and more comprehensive agreement will be negotiated, News.com.au reports.

The White House said that there appears to be a sufficient supply of oil from other nations to permit countries around the world to keep cutting back purchases of Iranian oil.

The State Department said that it had extended waivers of U.S. sanctions granted to China, India, South Korea, Turkey and Taiwan for reducing their imports of oil from Iran.

Malaysia, South Africa, Singapore and Sri Lanka also have qualified again for the waivers because they no longer purchase crude oil from Iran, the report added.

The exemptions showed that the banks and other financial institutions based in these nations will not be hit with penalties under a U.S. law enacted to pressurize Iran to come out clean about its nuclear programme.