Iran Oil: India, China Get Relief

As sanctions on Tehran take effect, U.S. announces list of nations with waivers

- Sriram Lakshman

India is one of eight countries to receive temporary exemptions from U.S. sanctions on Iran that came into effect on Monday, Secretary of State Mike Pompeo has said.

Addressing a joint press briefing with Treasury Secretary Steven Mnuchin in Washington on Monday, Mr. Pompeo said, "We have decided to issue temporary allotments to a handful of countries, responsible to the specific circumstances and to ensure a well supplied oil market. The U.S. will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey:'

Each country on the list had demonstrated "significant reductions " of the purchase of Iranian crude over the past six months, according to Mr. Pompeo. He added that two have stopped importing oil from Iran and would not do so as long as sanctions were in effect.

"We continue negotiations to get all the nations to zero," he said.