TIME
Thursday, July 05, 2012
Kenya risks being penalized if it sees through an oil deal with Iran which would breach U.S. and European union sanctions to deprive funding for the Iranian government and what is believed to be an effort by Iran to build nuclear weapons. The U.S. announced late May that it will penalize banks that do oil deals with Iran. These measures were announced in December and January, but countries and the oil markets were given until the end of May to adjust.
A statement from the U.S. State Department said Wednesday that sanctions will be implemented fully, and they include sanctions against financial institutions from any country without an exception, if they are found to conduct sanctionable transactions, including those with the Central Bank of Iran.
Kenya’s energy permanent secretary was quoted this week saying that Kenya has signed an agreement to buy millions of barrels of Iranian oil.