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National Defense Authorization Act of FY 12 (NDAA 2012)

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On April 22, 2019, the Trump Administration announced that the US government will not reissue the  significant reduction exceptions (“SREs”) that have allowed energy companies in China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey to purchase Iranian oil without being subject to relevant US sanctions. The current waivers will expire on May 2, 2019.