The 6-month waivers granted by the Trump Administration to eight jurisdictions expired this weekend and the White House has made all but clear that it intends not to prolong any of the concessions. This puts Washington on a collision course with Tehran and complicated matters for the 5 countries which did avail themselves of their waivers and kept on buying Iranian crude (China, India, South Korea, Japan, Turkey). And it is not only geographic proximity that matters but also a very favorable price – for instance, India will have a hell of…
