Japan to resume oil imports from Iran

Tokyo: Japan is all set to resume its oil imports from Iran by the end of the year following an exemption from United States sanctions which will last for 180 days.

“Some firms may resume imports from Iran late December. The amount of the imports will likely grow from January to March,” NHK World quoted Takashi Tsukioka, the President of the Petroleum Association of Japan, as saying.

There is an ambiguity surrounding what may happen after the exemption period is up, but Tsukioka believes that Japanese wholesalers will bring in as much Iranian oil as they can during this time.

The US had exempted eight nations from its sanctions related to oil imports from Iran, including Japan after it decided to reimpose sanctions on the middle-eastern nation after its withdrawal from the Iran nuclear deal in May this year.