Skip to comments.U.S. grants Iran sanctions exceptions to China
Posted on 06/28/2012 8:49:40 PM PDT by Olog-hai
The United States gave China a six-month reprieve from Iran financial sanctions on Thursday, avoiding a diplomatic spat with a country whose support it needs to try to quell violence in Syria and rein in Tehran's nuclear ambitions.
With Thursday's decision to grant exceptions to China, which buys up to a fifth of Iran's oil exports, and Singapore, which buys Iranian fuel oil, the Obama administration has now spared all 20 of Iran's major oil buyers from its unilateral sanctions.
The sanctions themselves are designed to pressure Iran to curb its nuclear program, which the West believes aims to develop nuclear weapons but which Tehran says is for peaceful purposes such as generating electricity and medical isotopes.
U.S. Secretary of State Hillary Clinton said both China and Singapore earned the reprieve by cutting imports of Iranian crude and argued the reductions by all 20 countries showed that Iran was paying a high price for its nuclear program.
Earlier this month the administration granted exceptions to India and six other economies. Japan and 10 European Union countries got exceptions in March.
The sanctions seek to pressure Iran by choking off its oil revenues, the life blood of the Iranian economy.
Iran's exports have already fallen about 1 million barrels per day, worth about $630 million a week, on the threat of U.S. and EU sanctions. But the impact on oil markets has been muted by a surge in production from the world's largest exporter, Saudi Arabia, and signs of economic troubles in Europe and China.
Geng Shuang, a spokesman at China's embassy in Washington, said his country "will continue working with parties concerned to find a peaceful solution of the issue through dialogue and negotiation."
(Excerpt) Read more at reuters.com ...
Obama is very good at giving exceptions. Just like the exceptions to Obamacare for his friends.
The next salvo against Obamacare should require that it apply to EVERYBODY, including federal workers, Congressmen, and even the President. Let them feel the pain of the laws that they are so good at passing.
Reset buttons for everyone !
Zero needs a new war before November.
Thank you Piasa.