US Administration Exempted Seven Countries Including Sri Lanka From Iran Oil Based Economic Sanctions

The US Administration had last Monday exempted Seven  nations including Sri Lanka from economic sanctions after they have reduced oil imports from Iran.The seven countries exempted from economic sanctions are Sri Lanka,India ,South Korea,Taiwan ,Turkey Malaysia and South Africa.

While stating on this decision US Secretary Of State Hilary Rodham Clinton has said that lifting economic sanctions means that the banks and financial institutions of these countries won't be hit with penalties under US Law for a renewable 180 day period.According to US Secretary Clinton exemptions are proof that sanctions aimed at pressurizing Iran to come clean on their nuclear programme.