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June 28, 2012 1:00 am

U.S. Exempts China From Iran Sanctions

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President Barack Obama talks with Chinese President Hu Jintao during the morning plenary session of the G-20 Pittsburgh Summit in 2009. Photo: wiki commons.

Times of Israel – While much of Washington was preoccupied with the US Supreme Court’s ruling on President Obama’s healthcare law on Thursday, US Secretary of State Hillary Clinton quietly made an important announcement regarding US sanctions on Iran. She said the administration is issuing waivers to China and Singapore that will exempt them from sanctions that go in effect today that would have cut their banks off from the US financial system as punishment for not making significant reductions in their purchases of Iranian oil.

“Today, I have made the determination that two additional countries, China and Singapore, have significantly reduced their volume of crude oil purchases from Iran,” said Secretary Clinton. “As a result, I will report to the Congress that sanctions pursuant to…the National Defense Authorization Act (NDAA) for Fiscal Year 2012 will not apply to their financial institutions for a potentially renewable period of 180 days.”

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