Asia's buyers of Iranian oil likely to secure U.S. sanctions waiver

PanARMENIAN.Net - Asia's top buyers of Iranian crude are likely to secure U.S. approval to continue imports from the Islamic Republic without incurring sanctions, after cutting volumes sharply in the second half of the year, according to government and trade sources, Reuters reported.

Government officials in India and South Korea said they expect waivers from U.S. sanctions on Iran, secured in the middle of the year, to be rolled over for another six months. In China, the top buyer of Iranian crude and the Islamic Republic's largest trade partner, traders said the main state-run oil importers expect a further exemption.

The United States is due to decide early in December whether to extend the waivers, which it granted on condition that countries cut their crude imports from Iran. A renewal means banks in the three countries get another reprieve from the threat of being cut off from the U.S. financial system.