US to exempt EU, Japan on Iran oil sanctions
By TENNILLE TRACY
WASHINGTON -- The US has decided to grant exemptions to Japan and 10 European Union (EU) countries under a new set of Iran oil sanctions, a key lawmaker said.
Sen. Robert Menendez, a New Jersey Democrat who played a key role in developing the sanctions, confirmed Tuesday that the State Department will grant formal exemptions to the countries under the sanctions because they had made progress in reducing their oil imports from Iran.
Aimed at shutting down Iran's nuclear program, the sanctions target financial institutions that do business with Iran's Central Bank, a main conduit for Iran's oil sales.
Oil exports are a main source of revenue for the Iranian government.
"The sanctions are working, many countries and companies have stepped up in recognition of the real threat that Iran poses to its neighbors and the global community and are terminating business relations with Iran," Menendez said in a statement.
Dow Jones Newswires
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