Turkey : Turkey has cut off 20 percent of its oil imports from Iran in the wake of US Sanctions. Turkey’s national oil company Tupras said the move follows an evaluation to reduce crude purchases from Iran by 20 percent. Turkey, which imports one third of its oil from Iran, is seeking to obtain exemption from new US sanctions against Iran.

Under a new law aimed at Iran over its controversial nuclear program, the US will penalize foreign financial institutions over transactions with Iran’s central bank, which handles sales of the country’s key export. Earlier this month, Washington granted exemptions to financial institutions from Japan and 10 EU nations for reducing dependency on oil imports from Iran.Turkish officials said they would seek a similar exemption.

Turkish Energy Minister Taner Yildaz said the country would try to make up for lower imports from Iran by buying more crude from Libya. The EU, which is halting Iranian oil imports from July 1, is also adopting other sanctions that also make it more difficult for other countries to import Iranian oil. Iran says that its nuclear program is meant for peaceful purposes, but the western nations fear it is trying to build a nuclear bomb.