The U.S. will not renew exemptions from its sanctions for importing oil from Iran, U.S. Secretary of State Mike Pompeo announced on Monday. The exemptions were granted last November for a 180-day period for India and seven other countries, and are due to expire on May 2. Pressure campaign “Today we are announcing the United States will not issue any additional Significant Reduction Exceptions [SREs] to existing importers of Iranian oil. The Trump Administration has taken Iran’s oil exports to historic lows, and we are dramatically accelerating our pressure campaign in a calibrated way that meets our national security objectives while maintaining well supplied global oil markets,” Mr. Pompeo said via a statement released on Monday. “We will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour, respect the rights of the Iranian people, and return to the negotiating table.” India, China and U.S. allies Japan, South Korea and Turkey will be the most impacted by the non-renewal of waivers. The other three currently exempted countries — Italy, Greece and Taiwan — have already reduced their imports to zero. “We’re going to zero. We are going to zero across the board,” Mr. Pompeo told the press.
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