US renews Iran sanctions waivers in exchange for 'promises'

(Reuters) - "The U.S. State Department on Wednesday renewed six-month waivers on Iran sanctions for China, India and seven other economies in exchange for their agreeing to reduce purchases of oil from Iran....
Despite the damage the sanctions have done to its economy, Iran's government has foreign currency reserves worth tens of billions of dollars with which it can fund the nuclear program....
The other economies the State Department renewed waivers for were South Korea, Malaysia, Singapore, South Africa, Sri Lanka, Turkey and Taiwan. Japan and 10 EU countries got waivers earlier this spring."