U.S. renews Iran sanctions' waiver for India and China

[thestringshredder]

WASHINGTON: The U.S. State Department on Wednesday Renewed six-month waivers on Iran sanctions' for China, India and seven other Their Economies in exchange for agreeing to reduce purchases of oil from Iran. "The United States and the international community stand shoulder to shoulder in Maintaining pressure on the Iranian regime until it fully addresses Concerns acerca its nuclear program, "secretary of state John Kerry said in a statement. The waivers, que the State Department calls exceptions mean That financial institutions in the consumer country clubs do not risk being cut off from the U.S. financial system for the next six months. Sanctions are one of Washington's main strategies to choke funding to Iran's nuclear program, que Western country clubs suspect seeks to Develop The Ability to make weapons. Iran insists the program is for peaceful purposes. State Department and treasury Officials have pushed consumer country clubs to "Significantly reduced" their purchases of Iranian oil without defining the volumes That Have to be cut. U.S. and EU sanctions' more than halved Iran's oil shipments last year, helping to devalue the rial, the country's currency, and pushing up inflation. This May the sanctions' drove the Islamic Republic's crude exports to Book early level in decades According To industry sources and tanker tracking data. DESPITE the damage the sanctions' Have Done to its economy, Iran's government has foreign currency reserves worth tens of billions of dollars with Which it can fund the nuclear program. There is little evidence the sanctions' have slowed the program ahead of a presidential election in Iran next week. President Barack Obama on Monday issued an executive order imposing sanctions' on foreign Financial Institutions That Facilitate deals in the material, que've lost two-Thirds of its dollar value since late 2011. Lawmakers in Congress Also hope to pass legislation This Year that Could Further limit Iran's oil sales and reduce Tehran's access to its foreign currency accounts, mostly held in euros. The other Economies the State Department Renewed waivers for were South Korea , Malaysia, Singapore, South Africa, Sri Lanka, Turkey and Taiwan. Japan and 10 EU countries got waivers Earlier this spring.

Link - US renews Iran sanctions waivers for India and China - The Times of India