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China, Singapore Exempted From U.S. Iran Oil Sanctions

The U.S. said China and Singapore have “significantly reduced” their purchases of Iranian oil, earning exemptions from U.S. financial sanctions that otherwise would have been imposed yesterday.

China was the biggest importer of Iranian crude last year, and Singapore is Asia’s oil trading and refining hub. The U.S. granted renewable, 180-day exemptions on March 20 to Japan and 10 European Union nations. India, South Korea, Turkey, South Africa, Malaysia, Sri Lanka and Taiwan won exemptions June 11.