March 22, 2012 | Quoted by Indira A.R. Lakshmanan, Bloomberg
US Exempts Japan, 10 EU Nations From Iran Oil Sanctions
Mark Dubowitz, executive director of the Foundation for Defense of Democracies in Washington, said in an interview that the Obama administration’s action yesterday “begins to reduce some of the uncertainty in oil markets over how the administration will apply oil market sanctions.”
“It gives Japan, in particular, which needs to keep buying Iranian oil, a clear pathway to continue those purchases without putting their financial institutions at risk,” said Dubowitz, who has advised the administration and Congress on sanctions. “It also establishes an early precedent that puts pressure on South Korea, India, China, Turkey, South Africa and other major buyers of Iranian oil to also comply with U.S. law.”