U.S. exempts China from Iran sanctions despite increase in oil imports
The United States has exempted China and Singapore from sanctions banning purchases of oil from Iran, despite the fact that China's imports from Iran increased in May.
U.S. Secretary of State Hillary Clinton ruled that China and Singapore had "significantly reduced" their crude oil purchases from Iran, granting them exemptions on the final day before sanctions take effect. Meanwhile, new figures show that China's imports from Iran are actually at record highs this year.
Beijing imported almost 524,000 barrels per day in May, a 35 percent jump on the previous month, the BBC reported on June 22.
The rise comes despite the U.S. threatening countries that import oil from Iran with sanctions against their financial institutions.
Imports from Iran are core to Beijing's overall fuel imports. Beijing's has now even pushed for Iran to sell its excess oil, accumulated as a result of lost exports to Europe.
China is not the only country to bypass EU sanctions against Iran. Japan, a major buyer of Iranian crude, says it will provide insurance cover for Iranian tankers. China is offering to use its own vessels for delivery in a bid to circumvent EU crude sanctions.