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US Extends Iran Sanctions Exemptions for China, India, South Korea - Corruption Currents - WSJ

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The U.S. said Friday it would extend for another 180 days exemptions to sanctions targeting Iran’s oil trade.

China, India, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan all qualified for extensions to their exemptions to sanctionsimposed on Iran last year.

The sanctions target Iran’s central bank, which routes much of the country’s oil sales. Countries, and their financial institutions, can receive exemptions from the measures by significantly reducing their imports of Iranian crude. Without the waiver, a country’s financial institutions can be blocked from accessing the U.S. financial system.

The countries qualified for the extensions by continuing to reduce their purchases of Iranian crude, the U.S. State Department said in a statement. The exemptions, which were granted to the countries in June, are subject to renewal every 180 days.