U.S. Won't Renew Sanction Exemptions For Countries Buying Iran's Oil

President Trump will not renew special waivers that have allowed Japan, China, India, Turkey and South Korea to import oil from Iran without running afoul of renewed U.S. sanctions, the White House announced Monday. The waivers are set to expire in early May.

The oil-importing countries have been benefiting from Significant Reduction Exceptions — temporary waivers the Trump administration has been issuing since the president withdrew the U.S. from the Iran nuclear deal and reimposed sanctions on Iran last year.

"This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," press secretary Sarah Sanders said in an emailed statement.

Secretary of State Mike Pompeo said the goal is also to "incentivize Iran to behave like a normal country."

"Before our sanctions went into effect, Iran would generate as much as $50 billion annually in oil revenue," Pompeo said as he detailed the policy change Monday morning.