China exemted from Iran sanctions

[ejazr]

So it looks Chinese pressure has forced the US to grant an exemption to China as well just days before it was to come into affect

So in actual affect no real loss to the Chinese

China exempted from sanction on Iranian oil - Washington Times

The U.S. added China to the list of nations exempted from sanctions against Iran on Thursday, citing an effort undertaken by Chinese authorities to significantly reduce their crude oil purchases from the Islamic republic.

The exemption, announced by Secretary of State Hillary Rodham Clinton, arrived as a law empowering U.S. authorities to block U.S. market access from any financial institutions doing oil-related business with Iran's banks went into effect.

Granting an exemption to China avoids a potentially contentious stand-off between U.S. and Chinese authorities.

The sanctions law, signed by President Obama in December, includes a loophole that allows his administration to provide exemptions for institutions in nations that are measurably cutting the level of crude they buy from Iran.

Eighteen nations had qualified for the loophole since March.

"Today, I've made the determination that two additional countries, China and Singapore, have significantly reduced their volume of crude oil purchases from Iran," Mrs. Clinton said, adding that the sanctions will now not apply to their "financial institutions for a potentially renewable period of 180 days."

"A total of 20 world economies have now qualified," Mrs. Clinton said. "Their cumulative actions are a clear demonstration to Iran's government that Iran's continued violation of its international nuclear obligations carries an enormous economic cost."

Exemptions for South Korea, Turkey and India were announced June 11, and previously were granted to Japan and nations across Europe.

The sanctions aim to pressure Iran to stop enriching uranium and open its nuclear program for inspection.

Before the sanctions law was enacted, China and India together had been buying about 860,000 barrels of Iranian crude oil a day.

Mrs. Clinton cited International Energy Agency statistics indicating a drop in Iranian crude oil exports from an estimated 2.5 million barrels a day in 2011 to a current rate of roughly 1.5 million barrels per day.

"In real terms, [that] means almost $8 billion in lost revenues every quarter," Mrs. Clinton said.

 

[G90]

On a side note, China just reported last month their import of oil from Iran has reached historical record level ROFL.

 

[badguy2000]

USa now is retreating ..haha...


it is just a joke for a beggar to punish his banker.

 

[Armand2REP]

US sanctions have little effect... it is the EU embargo that is having the biggest impact since we insure most of the shipping in the world and import a sizable amount of Iranian crude. US cut them off in 1979 so they are just posturing.

 

[G90]

Its really works like a big plan given the list of events happened:

1) US warn their pet dogs and cannon fodders to reduce import of oil from Iran
2) The excessive oil from Iran has nowhere to go other than China then.
3) China then ask Iran to lower their price of oil
4) Iran rejected
5) China then reduce their oil import from Iran
6) US says China reduced their oil import from Iran, so sina-US business as usual.
7) Iran agree to sell their oil much cheaper to China
8) China reported oil imported from Iran has reached recorded levels then.


If China and US can always work together like that it will be much benefitical to both countries hahahaha

 

[Armand2REP]

China is reducing purchases of Iranian oil

By PAUL RICHTER
Tribune Washington Bureau
Published: Friday, Jun. 29, 2012 - 1:00 am

WASHINGTON -- China has fallen in line with Western efforts to cut back purchases of Iranian oil and will be spared economic punishment threatened under a new round of U.S. sanctions, Obama administration officials said this week.

The cutbacks are being imposed in an effort to force Iran to agree to limits on its nuclear program, which many nations fear is aimed at developing a nuclear bomb.

Most countries that have been major buyers of Iranian crude began reducing their purchases in recent months, and 18 of them were granted exemptions from U.S. sanctions earlier in June.

China, the largest purchaser of Iranian crude in 2011, was conspicuously absent from the list. Industry officials said there were signals that China might be hoping to snap up the unpurchased oil at discounted prices to power its vast manufacturing sector.

But China has been shifting to other sources of petroleum since the beginning of the year. On Wednesday, a Chinese government website announced that Beijing had cut back its purchases of Iranian oil by 25 percnet so far this year and intended to maintain the reductions through the end of the year, U.S. officials noted in a media teleconference on Thursday.

Secretary of State Hillary Rodham Clinton said in a statement she had determined that both China and Singapore have now "significantly reduced" their purchases and now qualify for waivers for the next 180 days.

U.S. officials noted that exports of Iranian oil fell from 2.5 million barrels a day last year to 1.5 million barrels per day for the first months of 2012, according to the International Energy Agency.

Read more here: US officials say China is reducing purchases of Iranian oil - Wire Lifestyle - The Sacramento Bee