China exempted from tough Iran curbs

I have made the determination that two additional countries,China and Singapore,have significantly reduced their volume of crude oil purchases from Iran, Secretary of State Hillary Clinton said in a statement.

As a result,the Iran Sanctions Act will not apply to their financial institutions for 180 days, she said.

A total of 20 world economies have now qualified for such an exception. Their cumulative actions are a clear demonstration to Irans government that their continued violation of its international nuclear obligations carries an enormous economic cost, she said.

Top US lawmakers,however,expressed disappointment over the decision to grant exemption to China from Iranian sanctions.

I am deeply disappointed by the Obama administrations decision to issue an exemption to China for its purchases of Iranian oil, Senator Joe Lieberman said.

Pak financial bodies to be hit by US law on Iran sanctions

Pakistans financial bodies are set to bear the brunt of the strict US law on Iran sanctions which came into force on Friday,as the country was not granted the necessary waiver extended so far to India and 19 other countries. US officials did not provide any explanation for not giving the exemption to Pakistan in this regard.