US clears China, Singapore from Iran oil sanctions | world | Hindustan Times
Today in New Delhi, India
Dec 09, 2016-Friday
New Delhi
  • Humidity
  • Wind

US clears China, Singapore from Iran oil sanctions

world Updated: Jun 30, 2012 09:47 IST

Highlight Story

The Obama administration has exempted China and Singapore from economic sanctions because they have significantly reduced imports of Iranian oil.

The decision by Secretary of State Hillary Rodham Clinton spares Chinese and Singaporean banks from potentially being cut off from the American financial system. The sanctions are aimed at pressuring Iran to prove it is not trying to develop nuclear weapons.

The deadline for countries to stop buying Iranian oil went into effect Thursday. Seventeen countries already have received waivers from the US to continue importing oil.

US officials say Iran's oil exports have declined to less than 1.8 million barrels a day from 2.5 million barrels last year, reducing a main source of revenue for the regime.

Iran insists its nuclear program is peaceful.