US Exempts EU Nations from Iran Oil Sanctions

Source: www.gulfoilandgas.com 9/8/2013, Location: Asia

The entire European Union has not purchased Iranian oil since July 1, 2012, the U.S. State Department said in a statement. Because of that reduction, the U.S. said 10 EU countries had qualified for six-month sanctions exemptions: Belgium, the Czech Republic, France, Germany, Greece, Italy, Netherlands, Poland, Spain and Britain.

American sanctions are designed to pressure Iran to curb its nuclear program, which Washington falsely suspects is aimed at producing weapons. Iran has repeatedly insisted it is only for generating electricity and medical research.

U.S. tactic has involved pressuring countries around the world to cut commercial ties with Iran or face a series of restrictions on what type of business they can conduct in the United States, the world's largest market. But the Obama administration has been granting exemptions to a number of mostly Asian countries that rely on Iranian oil on condition that they significantly reduce their imports over time.

The US had previously granted such temporary exemptions to the noted European countries along with several Asian states.

The Friday move came on the same day that the US Treasury Department extended its illegal sanctions against several individuals and businesses over their alleged interactions with Iran.

At the beginning of 2012, the US and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

In addition, the IAEA has conducted numerous inspections of Iran's nuclear facilities but has never found any evidence showing that Iran's nuclear activities have non-civilian purposes.

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