Greece can continue to purchase Iranian oil as long as it works to reduce imports to zero

AP reports from Washington that the Trump administration’s tough new sanctions on Iran took effect on Monday but eight major importers of Iranian oil were spared from immediate penalties.

The sanctions target Iran’s energy, financial and shipping sectors and are aimed at crippling the country’s economy after President Donald Trump’s withdrawal from the 2015 nuclear deal. The measures restore all the U.S. sanctions that had been lifted under the accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program.

The sanctions freeze any assets that those targeted have in U.S. jurisdictions and bar Americans from doing business with them. They will also affect non-Iranian enterprises that deal with sanctioned Iranian firms and officials.

Yet as the administration seeks to cut off Iran’s oil revenue completely it is permitting some of its closest allies — Greece, India, Italy, Japan, South Korea, Taiwan, Turkey — and rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero.

Secretary of State Mike Pompeo noted the waivers, which expire in six months, were necessary to avoid disruption of world oil markets and to give the eight countries more time to eliminate their imports. During those six months, the importing country can buy Iranian oil but must deposit Iran’s revenue in an escrow account. Iran can spend the money but only on a narrow range of humanitarian items.

Seeking to deflect criticism from some Iran hawks concerned that the sanctions don’t go far enough, Pompeo underlined that U.S. pressure on countries to stop buying Iranian oil had already reduced its exports by more than a million barrels of crude per day.

Read more at thenationalherald.com

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