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Today is Sunday - July/12/2020
Tokyo ready to resume Iran oil imports

Tokyo ready to resume Iran oil imports

Upon being exempted from U.S. sanctions against Tehran, Tokyo will continue purchasing Iranian oil, Japan's Minister of Economy, Trade and Industry said on Tuesday.

Hiroshige Seko told reports from Reuters in granting the waiver, the United States has taken into account sustained energy supply and its impact on Japanese companies.

“It would be up to the judgment of private firms, but based on this decision, the (Japanese) companies would likely prepare for resuming Iran crude imports,” he added.

Commenting on the amount of the imports, Seko said he could not specify any volume.

U.S. Secretary of State Mike Pompeo said on November second following re-imposition of oil sanctions on Iran, Washington will temporarily and for a period of 180 days allow eight countries to buy Iranian crude oil.

Turkey, Taiwan, South Korea, Italy, Greece, China, India and Japan are the countries exempted from anti-Iran sanctions.

Many observers believe Washington's decision amounts to admitting the failure of sanctions against Iran.

US President Donald Trump announced in early May Washington would pull out of Iran nuclear deal and reinstate sanctions lifted under the deal. The first round of sanctions reinstated in August and the second round which targeted Iran's oil, banking and shipping sectors took effect on November 5th.

The other signatories to the deal (i.e. Britain, France, Germany, China and Russia) have thus far hit out at Washington's move and have repeatedly stressed their commitment to the deal and continuing trade with Iran.