US extends China's waiver on Iran sanctions

The US extended a waiver on sanctions against China and eight other countries that conduct business with Iran, after the they agreed to purchase less oil from the Middle Eastern state, Reuters reported. Secretary of State John Kerry announced the exceptions to the US policy on Wednesday following President Barack Obama’s issuance of an executive order on Monday that placed sanctions on financial institutions conducting transactions involving the Iranian currency. The State and Treasury departments have pushed countries to reduce their purchases of Iranian oil significantly, although have not specified by what amount.