US to sanction nations for importing Iranian oil — including allies

The Trump administration won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, according to four people familiar with the matter, a move that roiled energy markets and risks upsetting major importers such as China and India.

U.S. Secretary of State Michael Pompeo planned to announce the decision Monday morning in Washington, said the people, who asked not to be identified discussing a plan that hasn’t been formally unveiled. The current set of waivers — issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — expire May 2.

The administration will also announce commitments from other suppliers, including Saudi Arabia and the United Arab Emirates, that will offset the loss of Iranian crude on the market, according to two of the people.

The decision not to renew the waivers is a victory for National Security Advisor John Bolton and his allies who had argued that the U.S. promises to get tough on Iran were meaningless with waivers still in place. Pompeo and his team had been more cautious, though they also maintained that the market was well-enough supplied to ramp up pressure on Iran.