US: Turkey among 8 nations given Iran sanctions waivers

Turkey is among eight nations granted temporary waivers from sanctions the U.S. reimposed Monday on Iran's oil sector.

China, Greece, India, Italy, Japan, South Korea and Taiwan were also granted exemptions.

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.