(Bloomberg) -- Oil traders looking for exemptions from U.S. sanctions against Iran can't wait too long to prove they're working to cut back on purchases from Tehran.
While the sanctions will be reimposed following a 180-day wind-down period, this part was a bit more chilling for traders in Europe and Asia:
The State Department will evaluate and make determinations with respect to significant reduction exceptions provided for in section 1245(d)(4)(D) of the NDAA at the end of the 180-day wind-down period. Countries seeking such exceptions are advised to reduce their volume of crude oil purchases from Iran during this wind-down period.
And it's not just reductions in spot purchases that the State Department will consider, but also "termination of contracts for future delivery."
--With assistance from Javier Blas
To contact the reporter on this story: David Marino in New York at dmarino4@bloomberg.net.
To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Debarati Roy, Joe Carroll
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