US exempts India, 8 others from sanctions for Iranian oil

The United States today exempted India and eight other countries from financial sanctions for six-month for importing oil from Iran, noting that they have significantly reduced their dependence on Iranian oil.
US Secretary of State John Kerry said India, China and seven other countries have qualified for an exemption to sanctions under America's Iran Sanctions Act, based on additional significant reductions in the volume of their crude oil purchases from Iran or for reducing those purchases during the last six months.
Others who have been exempted are Malaysia, Republic of Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan.
"The United States and the international community stand shoulder to shoulder in maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear programme," Kerry said in a statement.

The waivers mean that financial institutions in the these countries do not risk being cut off from the US financial system for the next six months.
India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.

India imported about 13.3 million tonnes of crude oil from Iran in 2012-13 fiscal, down from 18.1 million tonnes shipped in the previous financial year.
The US hopes the pressure will force Iran to come clean on its nuclear programme which they claim is aimed at making atomic weapons. Iran denies the charge, saying it's nuclear programme is for peaceful purpose.

"Today's determination is another example of the international community's strong and steady commitment to convince Iran to meet its international obligations," he said.
"This determination takes place against the backdrop of other recent actions the Administration has taken to increase pressure on Iran, including the issuance of a new Executive Order on June 3. The message to the Iranian regime from the international community is clear: take concrete actions to satisfy the concerns of the international community, or face increasing isolation and pressure," Kerry said.
Despite plummeting sales overseas, Iran remains one of the world's largest oil producers. Its exports bring in tens of billions of dollars in revenue for the country.

The US this week slapped new sanctions on Iran for the third time in a week, targetting the country's already- devalued currency and automobile industry.