Friday, March 5, 2021

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Fearing US Sanctions, Japan To Suspend All Oil Imports From Iran

Japan might soon to halt all oil imports from Iran fearing secondary sanctions from the US. Japan’s major oil corporations are set to suspend all oil imports from Iran by the end of October. The US had asked all nations to cease oil imports from Tehran by November warning them that they would be liable to the same economic sanctions as Iran if they don’t do so.

As reported by Sputnik News, Japan has given up on the hopes of winning a waiver from the US which will allow it to continue oil imports from Iran. South Korea, India and others too have been trying to persuade the US for waivers on Iranian oil imports.

The first set of US sanctions on Iran came to effect in August and the set of sanctions targeting Iran’s oil exports will come to effect in the month of November. The US has vowed to bring Iran’s oil business to zero in the wake of a major economic tirade with Tehran.

According to the local Japanese media, the major oil firms in Japan have already begun their research upon other alternatives to Iran so as to compensate for the shortfall. Japan had been trying to negotiate with the US to seek an exemption from sanctions but that has not gone well as the US looks adamant.

Japan is heavily dependant on oil supplies from the Middle East to ensure its energy security. Iran is a significant contributor to the energy needs of the Asian nations including Japan, China, and India. India and China are among the top importers of Iranian oil.

The US after withdrawing from the Iran Nuclear Deal in 2015 had warned all nations for continuing to import oil from Iran even after the November deadline. Fearing sanctions, most of the nations might end up giving up on their oil imports from Iran.

More News at EurAsian Times

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