The United States and the international community stand shoulder to shoulder in maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear program. That is why today I am pleased to announce that China, India, Malaysia, Republic of Korea, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan have again qualified for an exception to sanctions outlined in section 1245 of the National Defense Authorization Act (NDAA) for Fiscal Year 2012, based on additional significant reductions in the volume of their crude oil purchases from Iran or for reducing those purchases to zero and remaining there. As a result, I will report to the Congress that exceptions to sanctions pursuant to Section 1245 of the NDAA for certain transactions will apply to the financial institutions based in these jurisdictions for a potentially renewable period of 180 days.
Today's determination is another example of the international community's strong and steady commitment to convince Iran to meet its international obligations. A total of 20 countries and economies have continued to significantly reduce the volume of their crude oil purchases from Iran or have completely eliminated such purchases. This determination takes place against the backdrop of other recent actions the Administration has taken to increase pressure on Iran, including the issuance of a new Executive Order on June 3. The message to the Iranian regime from the international community is clear: take concrete actions to satisfy the concerns of the international community, or face increasing isolation and pressure.