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US exempts China from Iran oil sanctions | The Obama administration has cleared China
of possible U.S. sanctions after determining that the county has significantly
reduced its oil purchases from Iran . The State Department had previously exempted
19 other countries from penalties for doing business with Tehran . Secretary of
State Hillary Clinton said the reductions of purchases of Iranian oil by countries
such as Japan , South Korea and Spain 'are a clear demonstration to Iran 's government
that Iran 's continued violation of its international nuclear obligations carries
an enormous economic cost.' According to The Wall Street Journal, the move leaves
China , the biggest buyer of Iranian oil, potentially shut out of doing business
with the U.S. The U.S. determined that China met the requirements because its
purchases of Iranian crude fell about 25 percent in the first five months of the
year. According to the paper, China 's reduction in oil imports took place in
the first few months of 2012 because of a pricing dispute between Beijing and
Tehran , rather than compliance with U.S. sanctions. In May, Chinese imports of
Iranian oil jumped 39 percent from April, to more than 500,000 barrels a day roughly
the same level of imports as last year. Beijing has opposed the latest round of
U.S. sanctions, which ban companies that deal with Iran 's central bank from doing
business in the U.S. Chinese officials said this month that purchases of Iranian
oil are 'legitimate.' |
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