US clears India, 6 others from Iran oil sanctions

Oil   Nuclear
By Matthew Lee on June 11, 2012

WASHINGTON (AP) — The Obama administration on Monday exempted India and six other nations from U.S. economic sanctions after they significantly reduced their imports of Iranian oil.

Secretary of State Hillary Rodham Clinton also granted waivers to Malaysia, South Africa, Sri Lanka and Taiwan, meaning that banks and other financial institutions based there won't be hit with penalties under U.S. law for a renewable 180-day period.

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