International buyers of Iranian oil have until November 4 to wind down contracts before the US reimposes sanctions on the oil, energy, shipping and insurance sectors, according to a Treasury Department fact sheet.
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The US will also consider allowing countries to continue importing Iranian crude as long as they demonstrate they are significantly reducing those volumes every 180 days, Treasury said.
"Countries seeking such exceptions are advised to reduce their volume of crude oil purchases from Iran during this wind-down period," the notice said. "Consistent with past practice, the Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Energy, and the Director of National Intelligence, would make such determinations following a process of rigorous due diligence."
President Donald Trump said Tuesday the US would withdraw from the Iran nuclear deal and reimpose sanctions that have been frozen since January 2016 as part of the Joint Comprehensive Plan of Action.
