US keeps tugging on China' cape.......

http://www.silverdoctors.com/swift-collateral-damage-u-s-exempts-seven-countries-from-iran-oil-sanctions/

It appears the administration is desperately attempting to undo the self-inflicted damage caused by its attempt to use the SWIFT system as an economic weapon…which backfired horribly as Iran began selling its oil for gold to nations such as India.
The US Monday exempted 7 nations from Iran oil sanctions (translation: please go back to using dollars for Iranian oil rather than gold!!)
Notice that while India, South Korea, South Africa, Turkey, and Taiwan (US allies) are now exempt from the sanctions, China noticeably is not.

This will be as successful as attempting to un-shoot yourself in the foot.

U.S. Exempts Seven Countries From Iran Oil Sanctions
DEBKAfile June 12, 2012, 12:42 AM (GMT+02:00)

The U.S. added Monday seven nations to the list of countries exempted from Iran oil sanctions, Secretary of State Hillary Clinton said.
The countries are India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan. They “have all significantly reduced their volume of crude oil purchases from Iran,” Clinton announced.
China, the leading importer of Iranian crude as of the first half of last year, and Singapore weren’t granted exemptions.

and....

http://www.zerohedge.com/news/china-tells-us-what-it-can-do-its-iran-oil-import-sanctions

China Tells U.S. What It Can Do With Its Iran Oil Import Sanctions

Submitted by Tyler Durden on 06/12/2012 13:56 -0400

• China
 
• Iran

While the US magnanimously decided to exempt several nations from U.S. sanctions on Iranian oil imports, it appears theChinese government has indicated it has no plans to change its position on oil purchases from Iran. As Voice of America reports, China's FinMin spokesman Liu Weimin said the purchases are necessary, because of its economic development, describing their 'purchase channels' as 'completely legal' and 'normal, open, and transparent'. China is the world's largest buyer of Iranian oil and is the last remaining major importer exposed to possible penalties when the U.S. sanctions are imposed, likely later this month. When asked if China and the United States are still in discussion about the sanctions, the spokesman would only say that Beijing has clearly informed Washington of its position. China's purchases of oil from Iran declined earlier this year, but analysts say the cutback was the result of a price dispute. Purchases went back up in April and have continued. Raise to you Hillary.