U.S. bends Iran oil sanctions for SA

2012-06-14 00:00

PRETORIA — The spectre of much higher fuel prices in South Africa has been staved off for six months and perhaps longer.

The Department of Energy yesterday announced that the U.S. had granted South Africa a 180-day exemption against the Iran oil sanctions that are due to take effect in July 1, 2012.

The U.S. sanctions against Iran threaten to cut off from the U.S. financial system those financial institutions that continue to transact with the Iranian banks. The European Union bans new contracts to import petroleum and petroleum products from Iran and decided to end existing contracts by July 1.

On Monday the U.S. announced that SA, with Malaysia, India, Republic of Korea and Sri Lanka, had been granted the exemption.

The arrangement is potentially renewable provided there has been a significant reduction of crude oil imports from Iran during the period of the exception.

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