Pakistan among 12 countries that may be hit by US sanctions over Iran oil

WASHINGTON: Twelve countries including Pakistan may get hit with US sanctions for importing crude oil from Iran.

The US Secretary of State Hillary Clinton announced a list of 11 countries that had been exempted from sanctions, after they had “significantly reduced” their purchases of crude oil from Iran.

While a State Department official briefing reporters on condition of anonymity did not reveal the names of countries that could potentially face sanctions, Reuters reported that China, Iran and Pakistan were on the list.

According to Secretary Clinton’s statement, she would certify to Congress that financial institutions based in these eleven countries would not have to face sanctions for a renewable period of 180 days.

According to the National Defense Authorisation Act 2012, the United States may impose sanctions on those countries that are purchasing petroleum products from Iran within 180 days of passing the Act if the President determines that “there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.” Read More