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China, Singapore Exempted From U.S. Iran Oil Sanctions

29 June 2012 14:39 (UTC +04:00)

Baku â€“ APA-Economics. The U.S. said China and Singapore have â€œsignificantly reducedâ€ their purchases of Iranian oil, earning exemptions from U.S. financial sanctions that otherwise would have been imposed yesterday, APA reports.

China was the biggest importer of Iranian crude last year, and Singapore is Asiaâ€™s oil trading and refining hub. The U.S. granted renewable, 180-day exemptions on March 20 to Japan and 10 European Union nations. India, South Korea, Turkey, South Africa, Malaysia, Sri Lanka and Taiwan won exemptions June 11.

â€œA total of 20 world economies have now qualified for such an exception,â€ Secretary of State Hillary Clinton said yesterday in an e-mailed statement. â€œTheir cumulative actions are a clear demonstration to Iranâ€™s government that Iranâ€™s continued violation of its international nuclear obligations carries an enormous economic cost.â€

China made substantial reductions in imports in the past six months because of a pricing dispute with Iran early in the year. It has pledged future cuts, according to a U.S. official who spoke on condition of anonymity before the announcement.

â€œChina has been importing crude oil from Iran through normal channels based on its economic development needs,â€ Hong Lei, a spokesman for the foreign ministry, said today in Beijing. The purchases are â€œcompletely justified and legitimate,â€ he said.