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U.S. Exempts Japan, 10 EU Nations From Iran Oil Sanctions

The Obama administration is sending a message to major buyers of Iranian oil, in particular China, India and South Korea, that they can avoid new U.S. sanctions by curtailing their imports of Iranian crude by the end of June, U.S. officials said.

Secretary of State Hillary Clinton announced yesterday that an “initial group” of countries, comprising Japan and 10 European Union nations, have “significantly reduced” their Iranian oil purchases and thus qualified for an exemption from sanctions for a renewable period of 180 days under the law.