U.S. Renews Japan, EU Iran Sanctions Waivers

John Kerry said the 11 countries will receive another "potentially renewable" waiver for a period of 180 days.

U.S. Secretary of State John Kerry today announced it has renewed 6 month waivers for Japan and 10 European Union (EU) countries giving them exemption from U.S. sanctions that prohibit the purchase of crude oil and petroleum products from Iran.

Kerry said Japan qualified for the renewal "based on additional significant reductions in the volume of its crude oil purchases from Iran."

Belgium, the Czech Republic, France, Germany, Greece, Italy, Netherlands, Poland, Spain, and the United Kingdom received the renewal because they have were said to have not purchased Iranian oil since July 1, 2012.

"As a result, I will report to the Congress that exceptions to sanctions pursuant to Section 1245 of the [National Defense Authorization Act] NDAA for certain transactions will apply to the financial institutions based in these countries for a potentially renewable period of 180 days," said Kerry.

A total of 20 countries were given six month waivers from the sanctions prior to their coming into force on July 1, 2012.

The waivers for the other 9 countries - China, India, Malaysia, Singapore, South Africa, South Korea, Sri Lanka, Taiwan, and Turkey - were all renewed by former Secretary of State Hillary Rodham Clinton on December 7, 2012 after she said the nations had reduced their oil purchases from Iran.

Under the ban, financial institutions in a country that has not been granted a waiver will be subject to U.S. sanctions if they knowingly settle trades with the Central Bank of Iran for Iranian oil or petroleum products.

However Ship & Bunker reported in January that after a clarification of EU rules, use of Iranian bunkers was allowed.