US Extends China, India Waivers For Iran Oil Sanctions

Law360, New York (December 7, 2012, 5:11 PM EST) -- The United States on Friday extended waivers of Iranian sanctions it previously had granted to China, India, other major Asian economies and South Africa, after U.S. Secretary of State Hillary Clinton said the countries had continued to significantly reduce their reliance on Iranian oil.

Foreign entities that buy oil from Iran are subject to U.S. penalties under restrictive measures authorized in the National Defense Authorization Act — unless the State Department has granted their countries an exception for making an effort to buy less.

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