China Won't Face Iran Oil Sanctions, Says Clinton

Law360, New York (June 28, 2012, 5:35 PM EDT) -- China on Thursday became the latest and largest country to be exempted from U.S. sanctions on countries that buy oil from Iran, after Secretary of State Hillary Clinton said the Chinese had significantly reduced their reliance on Iranian crude.

The decision on China came at the last possible moment. After Thursday, a new set of restrictive measures allowed by the National Defense Authorization Act will penalize any country that buys Iranian oil — unless the State Department has granted it an exception.

Along with Singapore —...
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