U.S. faces deadline to sanction China over Iran
June 28th, 2012
12:00 AM ET

U.S. faces deadline to sanction China over Iran

By Jamie Crawford

The United States faces a deadline Thursday of deciding whether to issue an exemption to Chinese banks and financial instituions, and other purchasers of Iranian oil, or move to cut them off from the U.S. financial system as punishment for not reducing their purchases of Iranian crude by significant amounts.

Under legislation signed by President Barack Obama on December, the United States will take action against countries that continue buying large volumes of Iranian oil through Iran's Central Bank by cutting off financial institutions engaged in those transactions from the U.S. banking system.

The legislation was signed with the goal of strangling the biggest source of revenue for the Iranian government as a way to get Tehran to halt work on segments of its nuclear program that many Western countries fear is being used to produce a bomb. Iran contends its nuclear program is purely for peaceful purposes.

To date, the United States has issued exemptions to 17 countries and Taiwan for reducing their purchases of Iranian oil and diversifying their supply to other countries. On Sunday, the European Union, one of Iran's biggest trading partners, will go ahead with a complete embargo on all purchases of Iranian crude.

Current estimates show a drop to between 1.2 million and 1.8 million barrels a day of Iranian oil since the sanctions were put into effect. Many U.S. officials say the sanctions have already had a devastating effect on the economy and were a main driver in persuading Iran to return to talks with the five members of the U.N. Security Council and Germany, the so-called P5+1, to reach a settlement to Iran's nuclear program.

"Iran is estimated to have lost approximately $10 billion in oil revenue, the Iranian currency has plummeted, and oil output has fallen to a 20-year low - and that is all before the U.S. and EU sanctions go into effect," Sen. Robert Menendez, D-New Jersey, said earlier this month in a statement. He is one of the authors of the legislation Obama signed.

India, Japan and Turkey, major purchasers of Iranian oil, have already been granted exemptions from U.S. sanctions because of their significant reduction in Iranian oil purchases. Another major importer, South Korea, announced earlier this week that it would completely halt its purchase.

But China, one of the largest purchasers of Iranian oil products, has been conspicuously missing from any U.S. exemptions from sanctions that by law must be made by Thursday. But even if China is not judged as compliant, it will still be some time before any sanctions take effect, according to an administration official. The official would speak only on the condition of anonymity because of the sensitivity of the issue.

Some analysts who follow the sanctions program closely think China will ultimately get an exemption.

Mark Dubowitz, with the Foundation for the Defense of Democracies in Washington, says China's imports of Iranian oil were down 20% to 25% from January to May this year from the previous year. "Technically on the basis of the law, the administration would be justified in granting an exemption," based on their reductions earlier this year, Dubowitz said.

While many analysts have attributed that drop to a contract pricing dispute between China and Iran, there are other reasons the U.S. might want to grant a waiver to China as well.

"I also think [the United States] is going to want to maintain P5+1 unity, and would not want to get into a major diplomatic spat with Beijing by sanctioning Chinese banks," Dubowitz said.

"We have had discussions with China; we continue discussions with China," on their purchases of Iranian oil, a senior administration officials told reporters in a conference call earlier this month after the latest round of sanctions waivers were announced. "It's been a very important partner in the P5+1 process. It's been committed to working with us to help Iran from acquiring a nuclear weapon."

The P5+1 talks seemingly stalled after the last session earlier this month in Moscow when a lack of progress on the issues prevented a follow-up round of political talks to be scheduled. While a meeting between the parties at the technical level is scheduled for next week in Istanbul, some analysts question whether Iran is even a genuine party to the talks despite the bite of sanctions.

"I think the administration is hoping that in the aftermath of the full implementation of the central bank sanctions and the impending implementation of the EU embargo on Iranian crude imports that that the Iranians will feel a greater imperative to give a little bit. I'm not persuaded that's the case," Suzanne Maloney, a senior fellow at the Saban Center for Middle East Policy at the Brookings Institution, told CNN.

For Maloney, Iran's insistence in negotiations that it would like to be rewarded for granting concessions over its nuclear program might serve as a predicate to how future talks and sanctions against the Islamic Republic are approached.

"Ultimately whether the Iranian logic offends us or not, I think that is very much the way they perceive their own security interests and if we want them to move, we have to be able to think more creatively about what it is the international community can do to give them incentives to do that."

With a review for those countries granted waivers under U.S. sanctions mandated every 180 days, analysts such as Dubowitz say the administration should call on countries to reduce their purchases by 30% to 40% before the next review. Current exemptions have been granted for reductions of 11% to 22%.

Congress is also considering additional legislation seeking to add provisions to current sanctions that would eliminate any possible loopholes Iran may use to run around the current set. One proposal on Capitol Hill would call for Iran's central bank to be labeled a proliferation concern and bar every financial transaction with the bank with the exception of humanitarian goods, thereby setting up a de-facto trade embargo of the country.

Another proposal would label Iran's entire energy sector a proliferating concern and thereby close existing loopholes that Iran uses to circumvent current sanctions by setting up alternative payment mechanisms for oil trade.

Regardless of what action may come, the current set of sanctions are dependent on the supplies in world oil markets to stay as loose as possible so U.S. and EU actions are not rolled back because of national security concerns.

"The most important thing is Saudi Arabia," Dubowitz said. "If the Saudis maintain their productions levels - that really is the key swing factor."

Post by:
Filed under: China • Iran • Sanctions
soundoff (588 Responses)
  1. RV Service Repair Near Me

    http://www.afro6.com/cgi-bin/atx/out.cgi?id=182&tag=top&trade=https://ocrvpaintandservice.com/

    June 21, 2021 at 2:25 pm | Reply
  2. RV Chassis Repair Near Me

    This is the perfect website for anybody who hopes to understand this topic. You realize so much its almost tough to argue with you (not that I personally would want toÖHaHa). You certainly put a brand new spin on a topic that has been discussed for many years. Wonderful stuff, just excellent!

    http://tmm.8elements.mobi/disney/home/changeculture?lang=mk&url=https://ocrvshop.com/

    June 21, 2021 at 2:04 pm | Reply
  3. gas station near me

    I blog often and I truly thank you for your information. This great article has truly peaked my interest. I am going to book mark your website and keep checking for new details about once per week. I subscribed to your Feed as well.

    http://disconnect-reconnect.net/__media__/js/netsoltrademark.php?d=reviewnearme.com

    June 21, 2021 at 11:27 am | Reply
  4. 手機A片

    Thanks for sharing your thoughts on china.

    Regards

    My page :: 手機A片

    June 21, 2021 at 8:00 am | Reply
  5. RV Repair Nearby

    http://www.grtbooks.com/gbc_head.asp?idx=3&sub=0&ref=lucian&URL=http://ocrvcenter.com

    June 21, 2021 at 6:07 am | Reply
  6. covid-19 testing near me

    http://www.eastendgarage.com/__media__/js/netsoltrademark.php?d=reviewnearme.com

    June 21, 2021 at 3:03 am | Reply
  7. หวย

    Every weekend i used to visit this website, because i want enjoyment, since this this web page
    conations genuinely nice funny material too.

    June 21, 2021 at 2:33 am | Reply
  8. vach ve sinh

    Excellent article. Keep posting such kind of information on your blog.
    Im really impressed by it.
    Hey there, You've done a great job. I'll certainly digg it and for my
    part suggest to my friends. I am confident they'll be benefited from this site.

    June 21, 2021 at 2:06 am | Reply
  9. หวย

    certainly like your web-site but you need to test the spelling on quite a
    few of your posts. Several of them are rife with spelling problems
    and I to find it very bothersome to tell the truth on the other hand I will certainly come again again.

    June 20, 2021 at 11:58 pm | Reply
  10. flea markets near me

    I couldnít resist commenting. Exceptionally well written!

    http://www.galileoenterprisesolutions.net/__media__/js/netsoltrademark.php?d=bjsnearme.com

    June 20, 2021 at 10:57 pm | Reply
  11. sheetz near me

    Your style is unique compared to other people I've read stuff from. Thank you for posting when you've got the opportunity, Guess I will just bookmark this blog.

    http://nobelhousegdynia.aswas.co.uk/__media__/js/netsoltrademark.php?d=nearmyspot.com

    June 20, 2021 at 10:35 pm | Reply
  12. Ruben Boggioni

    After looking at a handful of the articles on your web site, I truly appreciate your way of blogging. I book-marked it to my bookmark webpage list and will be checking back soon. Please visit my web site too and tell me how you feel.

    https://www.earth-policy.org/?URL=http://www.ocrvcenter.co/

    June 20, 2021 at 7:47 pm | Reply
  13. Guillermo Vilkoski

    You should be a part of a contest for one of the most useful websites online. I most certainly will recommend this blog!

    https://doterra.myvoffice.com/Application/index.cfm?&EnrollerID=1&Theme=Default&ReturnUrl=https://www.ocrv.us/

    June 20, 2021 at 4:11 pm | Reply
  14. Merlyn Ojala

    Can I just say what a relief to discover somebody who really understands what they're discussing online. You certainly realize how to bring an issue to light and make it important. More and more people must look at this and understand this side of your story. It's surprising you aren't more popular since you certainly have the gift.

    http://directory.pasadenanow.com/__media__/js/netsoltrademark.php?d=https://www.postfallsayurveda.com

    June 20, 2021 at 11:44 am | Reply
  15. Internet Marketing Service

    http://www.seventhheavenusa.com/__media__/js/netsoltrademark.php?d=www.http://affordableranking.com/

    June 20, 2021 at 8:06 am | Reply
  16. Local Marketing Consultant

    http://bostonfamilyhistory.org/__media__/js/netsoltrademark.php?d=http://affordableranking.com

    June 20, 2021 at 5:40 am | Reply
  17. Digital Marketing Specialists

    https://bransonwhiteriveroutpost.biz/__media__/js/netsoltrademark.php?d=www.https://affordableranking.com/

    June 20, 2021 at 5:31 am | Reply
  18. Content Marketing Business

    I needed to thank you for this great read!! I certainly enjoyed every little bit of it. I have got you book marked to check out new things you postÖ

    http://farkhonda.af/share?url=http://www.affordableranking.com/ugryum_reka_2021

    June 20, 2021 at 12:54 am | Reply
  19. RV Repair Shops Nearby

    Hello there! This article could not be written any better! Looking at this article reminds me of my previous roommate! He continually kept talking about this. I will send this information to him. Pretty sure he will have a great read. Thank you for sharing!

    https://www.edesk.jp/atp/Redirect.do?url=http://www.ocrvcenter.com/rv-repair-shop-la-tuna-canyon-california

    June 19, 2021 at 6:46 pm | Reply
  20. RV Repair Orange County

    I blog often and I really thank you for your content. This article has truly peaked my interest. I'm going to book mark your blog and keep checking for new information about once per week. I opted in for your RSS feed too.

    http://scanmail.trustwave.com/?c=8510&d=4qa02KqxZJadHuhFUvy7ZCUfI_2L10yeH0EeBz7FGQ&u=www.ocrvcenter.com/motorhome-sound-system-repair-near-me

    June 19, 2021 at 4:56 pm | Reply
  21. RV Repair Shops Near Me Now

    Very good post! We are linking to this great post on our website. Keep up the great writing.

    http://mundijuegos.com/messages/redirect.php?url=ocrvcenter.com/rv-repair-shop-huntington-beach-california/

    June 19, 2021 at 2:41 pm | Reply
  22. RV Repair Shop

    http://yellowpages.sfexaminer.com/__media__/js/netsoltrademark.php?d=https://ocrvcenter.com/rv-installation-near-me/

    June 19, 2021 at 2:35 pm | Reply
  23. RV Repair Shop Near Me

    https://e-tsuyama.com/cgi-bin/jump.cgi?jumpto=http://www.ocrvcenter.com/rv-repair-shop-north-hills-california/

    June 19, 2021 at 12:44 pm | Reply
  24. hospitals near me

    An outstanding share! I've just forwarded this onto a friend who had been doing a little homework on this. And he in fact bought me breakfast due to the fact that I discovered it for him... lol. So let me reword this.... Thank YOU for the meal!! But yeah, thanks for spending some time to discuss this topic here on your web page.

    http://directory.pasadenanow.com/__media__/js/netsoltrademark.php?d=wholesalenearme.com

    June 19, 2021 at 11:02 am | Reply
  25. RV Repairs Near Me

    Nice post. I learn something totally new and challenging on blogs I stumbleupon on a daily basis. It will always be helpful to read through articles from other authors and practice a little something from other sites.

    http://www.historyhub.history.gov/external-link.jspa?url=http://www.ocrvcenter.com/rv-repair-shop-dana-point-california

    June 19, 2021 at 6:00 am | Reply
  26. RV Repair Shops Near My Location

    Way cool! Some very valid points! I appreciate you penning this write-up and the rest of the site is also very good.

    http://www.ams.ceu.edu/optimal/optimal.php?url=www.ocrv.life/motorhome-flooring-repair-near-me/&refresh=1

    June 19, 2021 at 3:05 am | Reply
  27. Camper Repair Shops Near Me

    Pretty! This has been an incredibly wonderful article. Many thanks for supplying this info.

    https://www.htcdev.com/?URL=ocrvcenter.com/foremost-rv-collision-repair-shop-near-me/

    June 19, 2021 at 2:34 am | Reply
  28. irmusic4

    I know this if off topic but I'm looking into starting my
    own blog and was wondering what all is required
    to get set up? I'm assuming having a blog like yours would cost a pretty penny?

    I'm not very internet savvy so I'm not 100% sure. Any tips or advice would be greatly appreciated.
    Many thanks

    June 19, 2021 at 2:05 am | Reply
  29. Sprinter Repair Shops Near Me

    When I initially commented I appear to have clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I recieve 4 emails with the exact same comment. Is there a way you can remove me from that service? Thank you!

    https://www2.golflink.com.au/out.aspx?frm=logo&target=https://ocrvcenter.com/rv-repair-shop-santa-ana-california

    June 19, 2021 at 2:04 am | Reply
  30. RV Repair Near Me

    Nice post. I learn something totally new and challenging on blogs I stumbleupon every day. It will always be interesting to read content from other writers and practice a little something from their websites.

    http://forum.everleap.com/proxy.php?link=http://ocrvcenter.com/motorhome-renovation-near-me

    June 19, 2021 at 12:19 am | Reply
  31. laporan keuangan neraca

    Hello, I would like to subscribe for this web site to get most up-to-date updates, therefore where can i do it please help out.

    June 19, 2021 at 12:02 am | Reply
  32. RV Repair Near My Location

    https://directory.vnews.com/__media__/js/netsoltrademark.php?d=http://www.ocrv.info/state-farm-rv-collision-repair-shop-near-me/

    June 18, 2021 at 9:35 pm | Reply
  33. RV Repair Orange County

    http://dorsten.de/Externer_Link.asp?ziel=www.ocrvcenter.com/rv-paint-shop-near-me

    June 18, 2021 at 7:15 pm | Reply
  34. things to see in oranjestad aruba

    Hello to every one, it's truly a fastidious for me to visit this web site, it consists of useful Information.

    June 18, 2021 at 6:45 pm | Reply
  35. irmusic4

    Great weblog here! Additionally your website rather a lot up fast!
    What host are you the use of? Can I get your affiliate link
    in your host? I desire my website loaded up as quickly as yours lol

    June 18, 2021 at 4:49 pm | Reply
  36. Download Casino games

    It's actually very complex in this full of activity life to
    listen news on Television, so I just use world wide
    web for that reason, and obtain the hottest news.

    June 18, 2021 at 4:41 pm | Reply
  37. RV Repair Orange County

    I have to thank you for the efforts you've put in penning this blog. I am hoping to check out the same high-grade content by you in the future as well. In truth, your creative writing abilities has encouraged me to get my own, personal website now 😉

    http://secure.duoservers.com/?lang=en&s_id=123179&rdomain=https://www.ocrv.fun/rv-repair-shop-glendora-california&action=order

    June 18, 2021 at 3:20 pm | Reply
  38. RV Repair Fountain Valley

    Spot on with this write-up, I actually believe that this website needs a lot more attention. Iíll probably be returning to read through more, thanks for the advice!

    https://www.treasury.gov/cgi-bin/redirect.cgi/?http://ocrv.xyz/pop-up-trailer-collision-repair-shop-near-me/

    June 18, 2021 at 2:53 pm | Reply
  39. RV Repair Shop Near Me

    http://www.ww17.2test.com/__media__/js/netsoltrademark.php?d=https://www.ocrvcenter.com/rv-shower-repair-near-me

    June 18, 2021 at 2:28 pm | Reply
  40. obgyn near me

    http://www.rodstewart.biz/__media__/js/netsoltrademark.php?d=reviewnearme.com/

    June 18, 2021 at 9:27 am | Reply
  41. 먹튀검증업체

    Thanks for some other excellent article. Where else may anyone get that type of info in such a
    perfect manner of writing? I've a presentation next week, and I'm at the look for such info.

    June 18, 2021 at 8:17 am | Reply
  42. plumber near me

    http://www.alphamena.org/Error.aspx?ReturnUrl=http://quotenearme.com/

    June 18, 2021 at 4:59 am | Reply
  43. cheap apartments near me

    Good post! We are linking to this particularly great article on our website. Keep up the great writing.

    http://www.backupmycomputer.com/__media__/js/netsoltrademark.php?d=reviewnearme.com/

    June 18, 2021 at 3:07 am | Reply
  44. dmv near me

    Itís hard to come by educated people about this subject, but you seem like you know what youíre talking about! Thanks

    http://www.kmvision.com/__media__/js/netsoltrademark.php?d=bestservicenearme.com

    June 18, 2021 at 12:45 am | Reply
  45. boats for sale near me

    After looking at a handful of the blog posts on your site, I seriously appreciate your way of blogging. I saved as a favorite it to my bookmark website list and will be checking back in the near future. Please visit my website too and tell me your opinion.

    http://www.how2experts.com/__media__/js/netsoltrademark.php?d=www.bestshopnearme.com/

    June 18, 2021 at 12:12 am | Reply
  46. marshalls near me

    http://www.whatsmywebsiteworth.info/value.php?site=www.wholesalenearme.com/

    June 18, 2021 at 12:04 am | Reply
  47. verizon wireless near me

    Having read this I thought it was extremely enlightening. I appreciate you spending some time and energy to put this informative article together. I once again find myself personally spending a lot of time both reading and posting comments. But so what, it was still worthwhile!

    http://www.electiondata.net/__media__/js/netsoltrademark.php?d=www.wholesalenearme.com/

    June 17, 2021 at 11:09 pm | Reply
  48. gun shops near me

    I want to to thank you for this great read!! I absolutely enjoyed every bit of it. I have got you bookmarked to look at new stuff you postÖ

    http://www.listen-online.com/__media__/js/netsoltrademark.php?d=bulknearme.com/

    June 17, 2021 at 9:38 pm | Reply
  49. dining near me

    http://www.smithfound.org/__media__/js/netsoltrademark.php?d=quotenearme.com

    June 17, 2021 at 7:57 pm | Reply
  50. đánh bài trực tuyến ăn tiền thật

    Thank you for the good writeup. It in fact was once a enjoyment account it.
    Glance complicated to more introduced agreeable from
    you! By the way, how could we communicate?

    June 17, 2021 at 5:25 pm | Reply
  51. tow truck near me

    You ought to take part in a contest for one of the highest quality websites on the web. I most certainly will highly recommend this site!

    http://7ba.org/out.php?url=https://www.nearmyspot.com

    June 17, 2021 at 2:43 pm | Reply
  52. cheap gas near me

    http://www.keepamericamoving.com/__media__/js/netsoltrademark.php?d=bestservicenearme.com

    June 17, 2021 at 2:11 pm | Reply
  53. good food near me

    Good info. Lucky me I came across your website by chance (stumbleupon). I have bookmarked it for later!

    http://worldvillas.com/__media__/js/netsoltrademark.php?d=ocrvcenter.com

    June 17, 2021 at 8:49 am | Reply
  54. Hong Kong luxury goods

    I think this is one of the most important information for me.
    And i am glad reading your article. But should remark on few general things,
    The website style is great, the articles is really great :
    D. Good job, cheers

    June 17, 2021 at 6:01 am | Reply
  55. RV Repair Garden Grove

    I'm very pleased to find this site. I want to to thank you for your time due to this wonderful read!! I definitely loved every bit of it and i also have you bookmarked to check out new things on your site.

    http://www.layoutsparks.com/__media__/js/netsoltrademark.php?d=ocrvcenter.com/progressive-rv-collision-repair-shop-near-me

    June 17, 2021 at 5:29 am | Reply
  56. drugstore near me

    Very good info. Lucky me I came across your blog by chance (stumbleupon). I have book marked it for later!

    https://www.clearingandsettle.biz/__media__/js/netsoltrademark.php?d=www.ocrvcenter.com

    June 17, 2021 at 4:59 am | Reply
  57. covid testing near me

    http://www.meigroup.co.uk/__media__/js/netsoltrademark.php?d=https://ocrvcenter.com/

    June 17, 2021 at 4:50 am | Reply
  58. trucks for sale near me

    Great info. Lucky me I discovered your website by chance (stumbleupon). I have bookmarked it for later!

    http://payhealth.com/__media__/js/netsoltrademark.php?d=https://ocrvcenter.com

    June 17, 2021 at 3:42 am | Reply
  59. Camper Repair Shop Near Me

    Greetings! Very useful advice within this post! It's the little changes which will make the greatest changes. Thanks for sharing!

    http://eridan.websrvcs.com/System/Login.asp?id=48747&Referer=http://www.ocrvcenter.com/rv-repair-shop-duarte-california/

    June 17, 2021 at 3:14 am | Reply
  60. informasi poker online

    Can I just say what a relief to find somebody who actually
    knows what they're talking about online. You actually realize
    how to bring a problem to light and make it important.
    A lot more people need to check this out and understand this side of the story.
    I was surprised you aren't more popular because you
    definitely have the gift.

    June 17, 2021 at 1:15 am | Reply
  61. RV Repair

    https://recklinghausen.de/inhalte/startseite/ruhrfestspiele_kultur/musik_und_theater/musik__choere_und_vereine/index.asp?db=17&form=RedirectAction&redirecturl=https://www.ocrvcenter.com/passenger-bus-collision-repair-shop-near-me

    June 16, 2021 at 10:10 pm | Reply
  62. wings near me

    Hello there! I simply want to offer you a huge thumbs up for the excellent info you have got here on this post. I will be returning to your website for more soon.

    https://ww17.ac-119gunships.com/__media__/js/netsoltrademark.php?d=http://ocrvcenter.com/

    June 16, 2021 at 9:15 pm | Reply
1 2 3 4 5 6

Leave a Reply to homes for sale sandpoint idaho


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.