Industry News

U.S. Exempts 7 Additional Countries from Iran Oil Import Sanctions

June 18, 2012

U.S. Secretary of State Hillary Clinton recently announced that an additional seven countries will be exempt from U.S. sanctions that may be imposed on countries that buy crude oil from Iran. As a result of significant reductions to the amount of crude oil they purchase from Iran, India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan will be exempted, for a renewable period of 180 days, from sanctions under Section 1245 of the National Defense Authorization Act for 2012 (NDAA). Under the NDAA, countries that do not significantly reduce the amount of oil they import from Iran by June 28, 2012, will face potential sanctions. Belgium, the Czech Republic, France, Germany, Greece, Italy, Japan, the Netherlands, Poland, Spain, and the United Kingdom, all received temporary exemptions from the sanctions in March. Five countries that the Obama administration identified as importing Iranian crude oil have yet to receive exemptions and may face sanctions beginning June 28, 2012.

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