U.S. Extends Waivers on Iran Sanctions to 11 Countries, Including Japan and France

by Colonel on March 22, 2013

“The United States extended 180-day waivers on Iran sanctions to Japan and 10 European Union nations in exchange for their cutting purchases of the OPEC nation’s crude oil, Secretary of State John Kerry said on Wednesday.

Renewal of the waivers, known as exceptions, means that banks in the 11 countries have been given a third consecutive 180-day reprieve from the threat of being cut off from the U.S. financial system under the sanctions.

The move was expected as Japan, the world’s third largest oil consumer, slashed its imports from Iran last year by 40 percent. …

The EU implemented a full embargo on Iranian crude and petroleum products on July 1. The 10 EU countries … are Belgium, the Czech Republic, France, Germany,Greece, Italy, the Netherlands, Poland, Spain and the United Kingdom.

Last year the sanctions cut Iran’s exports by half, or about 1 million barrels per day.

” — (Reporting by Timothy Gardner and Arshad Mohammed; Editing by Leslie Gevirtz and Christopher Wilson), Copyright 2013 Thomson Reuters

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