US exempts China, Singapore from sanctions on Iran oil purchases

29 June 2012 04:49  [Source: ICIS news]

SINGAPORE (ICIS)--The US late on Thursday exempted China and Singapore from financial sanctions for buying Iranian oil over a period of six months.

The waiver on sanctions was granted as the two Asian countries have “significantly reduced” purchases of Iranian crude, according to US State Secretary Hillary Clinton.

China imported 8m tonnes of crude from Iran in the first five months of 2012, down by 25% year on year, according to China Customs data.

Other Asian economies including South Korea, India, Japan and Malaysia had earlier on been exempted from the sanctions by the US.

By: Fanny Zhang
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