US renews Iran sanctions exemption for China, 8 others

What's the point of sanctions if they exempt one of Iran's major trading partners? Wall Street Journal: The Obama administration reissued waivers that exempt nine countries, including China, India and Turkey, from fully complying with U.S. sanctions targeting Iran's oil exports, as the U.S. attempts to maintain international pressure on Tehran's finances. Secretary of State Hillary Clinton said Washington granted the exemptions to these countries for reducing their purchases of Iranian oil over the past six months, thereby helping force Tehran to cut its total oil production by one million barrels a day in September and October from a year earlier. The other countries granted waivers were Malaysia, South Korea, Singapore, South Africa, Sri Lanka and Taiwan. U.S. and European officials said they believe Tehran is losing around $15 billion every quarter in lost oil sales. "A total of 20 countries and economies have continued to significantly reduce the volume of their...(Read Full Post)