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U.S. Exempts Seven Nations from Iran Sanctions

By Colby Adams

The United States exempted seven nations Monday from sanctions against Iran signed into law in December after the jurisdictions curbed their purchases of oil from the Persian country. The decision exempts India, Malaysia, South Africa, South Korea, Sri Lanka, Turkey and Taiwan from U.S. sanctions that would have potentially barred American financial institutions from maintaining correspondent accounts with the banks in those countries that transact with blacklisted Iranian institutions. The United States won't apply the sanctions for a "potentially renewable period of 180 days," according to a statement by U.S. Secretary of State Hilary Clinton. The announcement follows a March...

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