8 countries receive oil waivers for US Iran sanctions
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On Monday the last remaining US sanctions on Iran were imposed, significantly impacting the oil industry. This caused fall-out amongst the countries who heavily rely on Iranian oil, as reported by Sanctionline last week.
China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey have been given 180 day waivers from the US to continue importing crude oil with two conditions: 1) the oil imports are reduced over time until they reach zero; and 2) all revenues from the sales are held in foreign accounts and can only be used by Iran for humanitarian trade or for bilateral non-sanctioned goods.
The decision to provide waivers was driven by a fear of oil prices rising.