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U.S.: Iran Crude Buyers Must Pledge Cuts to Avoid Sanctions

The Obama administration wants China, India and 10 other nations to present specific plans of how they will curtail Iranian oil imports, saying past cuts aren’t enough to win them an exclusion from new U.S. sanctions, Bloomberg reported Friday, March 23. Secretary of State Hillary Clinton last week granted Japan and European Union countries six-month, renewable exemptions from the measures that take effect June 28, crediting them with “significantly reducing” imports from the Persian Gulf nation. While China and India, the two biggest buyers of Iran’s crude, have made cuts in recent months and years, they were not granted exemptions. The distinction is that the E.U. and Japan made assurances they will go beyond past reductions and continue to curb purchases from the world’s fourth-biggest producer, U.S. officials say. “What we are looking for is for countries to come to us and tell us if they believe that they should be in that category that deserves an exemption, what are the kinds of significant reductions that they are willing to pursue,” said Carlos Pascual, the State Department’s special envoy and coordinator for international energy affairs.