US set to extend waivers on Iran oil sanctions

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Associated Press

Posted on December 6, 2012 at 3:06 PM

Updated Thursday, Dec 6 at 3:07 PM

WASHINGTON (AP) — The Obama administration is set to extend waivers of U.S. sanctions it has granted to major Asian petroleum consumers, including China, India and South Korea, for reducing their imports of Iranian oil.

Two U.S. officials say an announcement of the six-month extensions is expected from the State Department on Friday. In addition to China, India and South Korea, the waivers will apply to Malaysia, Singapore, South Africa, Sri Lanka, Turkey and Taiwan. All nine were originally granted six-month renewable exemptions from the sanctions in June.

The exemption means that banks and other financial institutions based in those places will not be hit with penalties under U.S. law enacted as a way of pressuring Iran to come clean about its nuclear program.

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