Japan to pass bill to insure Iran oil imports
's lower house is set to pass a bill on Friday to provide on insurance for Iranian crude cargoes, making it the first of 's big Asian buyers to find a way to keep the oil flowing in the face of tough new EU sanctions. takes effect on July 1 and includes a ban on EU insurance firms from covering Iran's exports. That is a headache for Japan, , who together buy two thirds of Iran's oil exports and rely on EU companies to insure them. EU and U.S. sanctions aim to cut the oil revenues on which Tehran depends to force the Islamic Republic to curb ...
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