The US has exempted South Africa and six other countries from the financial sanctions currently in place on Iranian oil imports
South Africa, India, South Korea, Turkey, Malaysia, Sri Lanka and Taiwan will now not be punished by the US for importing Iranian oil as they have all reduced their imports from the country.
The exemption, which applies for the next six months, was announced by US secretary of state, Hillary Clinton, according to Bloomberg.
The sanctions have been designed to pressurise Iran’s leaders and deter them from developing nuclear weapons.
China, which has imported the largest amount of crude oil from Iran so far during 2012, was not granted an exemption but there is still the possibility the country may win an exemption before the 28 June deadline.
Singapore also failed to receive an exemption despite only importing one per cent of its crude from Iran in 2010 and 2011 and none in May, according to a statement from Singapore’s ministry of foreign affairs.
By contrast, India and South Korea have imported the third and fourth largest amounts of Iranian oil this year respectively.
