The United States and the international community remain committed to maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear program. That’s why today I am pleased to announce that China, India, Malaysia, Republic of Korea, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan have again qualified for an exception to sanctions outlined in Section 1245 of the National Defense Authorization Act (NDAA) for Fiscal Year 2012, based on additional reductions in the volume of their crude oil purchases from Iran. As a result, I will report to the Congress that exceptions to sanctions pursuant to Section 1245 of the NDAA for certain transactions will apply to the financial institutions based in these countries for a potentially renewable period of 180 days.
A total of 20 countries and economies have continued to significantly reduce the volume of their crude oil purchases from Iran. According to the latest U.S. Energy Information Administration report to Congress, Iran’s oil production fell by one million barrels per day in September and October 2012, compared to the same period in 2011. This has reduced Iran’s export volumes and oil revenues, which fund not only the nuclear program but its support for terror and destabilizing actions in the region. The message to the Iranian regime from the international community is clear: take concrete actions to satisfy the concerns of the international community through negotiations with the P5+1, or face increasing isolation and pressure.