US grants temporary Iran oil waivers to eight countries including Turkey: Pompeo

The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.

Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers.

Secretary of State Mike Pompeo said each ocountry “has already demonstrated significant reductions of the purchase of Iranian crude over the past six months," adding two of the eight have reduced imports of Iranian crude to zero.

"We continue negotiations to get all of the nations to zero," he said.

Pompeo and Treasury Secretary Steven Mnunchin jointly announced the new economic penalties the Trump administration claims are the "largest ever single-day action targeting the Iranian regime."

In addition to Iran's oil sector the measures target the country's shipping, shipbuilding and banking sectors.

Over 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries.