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HindustanTimes Thu,21 Aug 2014

World

US exempts India from Iran sanctions for six months
IANS
Washington, November 30, 2013
First Published: 23:44 IST(30/11/2013)
Last Updated: 23:50 IST(30/11/2013)

After the landmark nuclear deal with Iran, US has exempted India and eight other countries from Iran sanctions for another six months with “additional significant reductions” in their Iranian crude oil purchases.

Based “on an analysis of these economies’ purchasing activity over the previous six months”, besides India, China, Korea, Turkey, and Taiwan “have again qualified for an exception to sanctions,” secretary of state John Kerry announced Friday.

Additionally, Malaysia, South Africa, Singapore, and Sri Lanka have also qualified again for the exception under US law because they no longer purchase crude oil from Iran, he said. This is the fourth time that these nine economies have qualified for an exception as a result of their continued significant reductions in the volume of crude oil purchases from Iran or their end to such purchases, Kerry said.

The November 24 “initial nuclear agreement” between Iran and P5+ 1 powers - five permanent members of the UN Security Council (US, Britain, China, France, Russia) and Germany - freezes key elements of Iran’s nuclear programme in exchange for limited sanctions relief.


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