Why sanctions on Iran will hit Pakistan the most

June 29, 2012 11:36

Pakistan's financial bodies are set to bear the brunt of the strict US law on Iran sanctions which came into force today, as the country was not granted the necessary waiver extended so far to India and 19 others.

Pakistan along with Afghanistan is not among the 20 countries which, according to Secretary of State Hillary Clinton, have significantly reduced their import of oil from Iran.

The list of the 20 countries which were given the waive, was announced in three phases, the last two of them being China and Singapore.

In addition to China and Singapore, Belgium, Britain, the Czech Republic, France, Germany, Greece, India, Malaysia, Italy, Japan, the Netherlands, Poland, South Africa, South Korea, Spain, Sri Lanka, Taiwan and Turkey have been exempted so far.

US officials did not provide any explanation for not giving the necessary exemption to Pakistan in this regard, in the absence of which Pakistani financial institutions would be majorly impacted by the tough American sanctions on Iran.

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