|
Trending Topics
|
U.S. to Eliminate Iran Oil Waivers after May 2
(Bloomberg) Nick Wadhams - The Trump administration won't renew waivers that let countries buy Iranian oil without facing U.S. sanctions, according to four people familiar with the matter. The current set of waivers - issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - expire May 2. Other suppliers, including Saudi Arabia and the UAE, will offset the loss of Iranian crude on the market. "The maximum pressure campaign could not be maximalist until the administration cut off Iran's oil exports," said Mark Dubowitz, CEO of the Foundation for Defense of Democracies. "With this decision, Iran's economy will be under severe pressure as its hard currency earnings dry up and its foreign exchange reserves plummet."