The Financial Times reports that the US has exempted China from the impending Iranian oil sanctions, noting that the country has "significantly reduced" its crude oil purchases from Iran. China, which receives nine percent of its imported oil from Iran, has announced that it does not support American sanctions, citing imports from Tehran as "absolutely reasonable and legitimate."

The US also exempted Singapore, and has previously granted exemptions to more than a dozen of countries including Japan, India, and Turkey. Asian markets account for more than 60 percent of Iran's oil exports.