Dubai's national oil company may have to stop importing condensate from Iran unless Washington grants it an exemption or temporary exception from this week's tightening of U.S. sanctions, diplomatic and industry sources said.
U.S. State Department officials said that financial transactions that facilitate the import of Iranian condensate are liable to a new round of measures effective June 28 that aim to cut Iran's oil revenues and force Tehran to drop its disputed nuclear program.
The fresh sanctions target condensate, produced in association with gas, which is Tehran's second-biggest source of export revenue after crude and refined products, which were targeted in earlier sanctions.
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