Thursday, April 22, 2021

Japan Moves To Cease Oil Imports From Iran Amid US Warnings

After the US pulled back from the 2015 Iran Nuclear Deal, US warned other nations including Japan to cease oil imports from Iran. Paying heed to the US warnings, Japan will slowly cease the oil imports from Iran. Japan has alternatives in Saudi Arabia and UAE among others for its oil needs as it prepares to break its oil alliance with Iran. 

The US had asked all other nations to cease the import of oil from Japan by November. As reported by Japan’s premier business newspaper, Nikkei, Japan aims to completely stop oil imports from Iran by October. JXTG Holdings and Idemitsu Kosan are the two Japanese suppliers of Iranian oil and both of them were warned by the US to halt oil trade with Iran completely.
Even India and China among other nations have been asked to cease oil imports from Iran as the US will look to bring Iran under heavy sanctions and isolate the Iranian economy.  The US stated that if any nation continues to import oil from Iran post-November 4 then they would be liable to the same sanctions as those implacable on Tehran. India has been in a spot of bother as it needs to make this awkward choice between Washington Tehran. China, on the other hand, is already fighting a massive trade war with the US.
In the wake of these warnings the Japanese banks then notified that they would stop settling transactions related to Iranian Oil. This makes the purchase of Iranian oil by JXTG Holdings and Idemitsu Kosan impossible.
After pulling out from the Iran Nuclear Deal on May 8, the US President promised that not only will the US reimpose the old sanctions against Tehran but also a new series of sanctions will be stamped on Iran. Sanctions on Iran’s energy sector will come down heavily in effect from November 4, 2018.

Featured News

Afghan Peace Conference In Istanbul, Turkey Postponed Over ‘No Show’ By Taliban

Turkey has announced that it is postponing a much-anticipated Afghan peace conference in Istanbul until the end of the Muslim holy month of Ramadan. "We...

Myanmar Lawmakers Flee To India’s Mizoram As Junta Forces Attack Villagers With Drones, RPGs

More than a dozen lawmakers from Myanmar’s National League for Democracy (NLD) have taken shelter in India’s Mizoram state even as the country’s junta...

China’s J-20 Fighter Jet Can Surpass The US F-22 Raptor With One Small Upgrade — Chinese Expert

The ‘fifth-generation J-20 fighter jet of the Chinese PLA Air Force may be upgraded with two-dimensional thrust vectoring control (TVC) nozzles for its engines...

Why Is India Not On The Same Page With Its ‘Democratic Allies’ On Myanmar’s Military Regime?

Days after condemning the ongoing violence in Myanmar at the United Nations, India has again changed its tone with regard to the country's military...

As China ‘Attacks’ Japan Over Fukushima Issue & Disputed Islands, PM Suga To Meet US President Biden

Japanese PM Yoshihide Suga is in Washington for talks with US President Joe Biden amid China's mounting criticism of Tokyo's plan to release Fukushima...