The United States extended 180-day waivers on Iran sanctions to Japan and 10 European Union nations in exchange for their cutting purchases of the OPEC nation's crude oil, Secretary of State John Kerry said on Wednesday. "Today's determination is another example of the international community's commitment to convince Iran to meet its international obligations," Kerry said in a statement. The sanctions aim to choke off funding for Tehran's nuclear program, which the West suspects is trying to develop weapons, by slashing Iran's crude exports. Iran says its nuclear program is for civilian purposes. Renewal of the waivers, known as exceptions, means that banks in the 11 countries have been given a third consecutive 180-day reprieve from the threat of being cut off from the U.S. financial system under the sanctions. The move was expected as Japan, the world's third largest oil consumer, slashed its imports from Iran last year by 40 percent to about 190,000 barrels per day,
↧