Robert Menendez

Menendez on US Department of State Exemption from Iran Sanctions to Group of Countries That Have Significantly Reduced Petroleum Purchases

June 11, 2012

Washington – Today, Under Secretary of State Wendy Sherman called Senator Menendez (D-NJ) to inform him that the U.S. Department of State will be granting an exemption from Iranian Central Bank sanctions to seven countries (Taiwan, India, Turkey, South Korea, South Africa, Sri Lanka, and  Malaysia) because of these nations’ significant reductions in petroleum purchases from Iran and plans to continue reducing such purchases.  As the author of the sanctions, Senator Menendez released the following statement:

“What today’s announcement shows is that the sanctions are working and that the effort to contain Iran’s nuclear ambition is global in nature. Since President Obama signed the NDAA on December 31, Iran is estimated to have lost approximately $10 billion in oil revenue, the Iranian currency has plummeted, and oil output has fallen to a 20 year low – and that is all before the US and EU sanctions go into effect later this month.

“While I look forward to seeing the actual levels of reductions made by each country, which will determine whether I think these waivers are appropriate, I presume that they will at least be on par with the significant reductions in purchases made by Japan that earned it an exemption from the sanctions in March.

“As we approach the next round of the P-5+1 talks in Moscow next week, I think today’s announcement sends a message to Iran that our intent is to fully implement these sanctions and that delays and half-measures by Iran that don’t address the totality of Iran’s nuclear weapons program will be met with even further action by the United States.”

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