U.S. Exempts 11 Countries From Iran Oil Sanctions

By MarEx 2012-03-21 15:05:19

Iran is shouting victory as the United States has backed down with its decision to not penalize 11 countries that have bought Iranian oil. Secretary of State Hillary Rodham Clinton announced that Japan and 10 European Union countries would be safe from the impending economic sanctions to be imposed by the U.S. The reasoning behind this decision is reportedly the fact that these countries have cut back considerably on their imports of Iran’s oil.

Iranian officials consider these exemptions as being in their favor, even though the countries were only spared due to their new lack of dependence on Iranian oil. The nation disputes the U.S.’s alleged reasoning for the decision and instead believes that it is based on the definitive stance the Islamic Republic took in defending its nuclear program.

Iran also argued that the U.S. only exempted the countries to stop oil prices from raising further, sparing the economies of the West, according to the Los Angeles Times. Iranian security officials feel that the exemption shows that the sanctions were created off impulse.

A dozen other nations, including global giants India and China, could still be facing the most aggressive sanctions ever imposed by the U.S. in its effort to force Iran to limit its nuclear program.