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Japan Extends State-Backed Insurance to Cover Oil Imports from Iran for One Year
Japan has extended state-backed insurance to cover imports of oil from Iran for one more year. This action allowed the country’s oil refineries to continue to import crude oil from Iran.
According to Reuters, a Japanese official announced that on Wednesday, the government of Japan extended the insurance for one more year and it will go into effect in April.
Extending the insurance for the refineries is a prerequisite to continuing importing oil from Iran, but Japan’s 180-day waiver of exemption from U.S sanctions will end in May. Therefore the Japanese refineries are pressing the government to extend the waivers.
However, Brian Hook, the chairman of Iran Action Group in U.S state department said in an interview with Voice of America that U.S policy is to not offer any more extensions on the waivers.
South Korea is also looking to extend its waiver. According to Reuters, South Korean officials will meet with U.S authorities to discuss exemption from U.S sanction on Iranian oil.
After U.S left the JCPOA (Iran Deal) in 2016 to reimpose oil sanctions on Iran, eight countries of Japan, South Korea, China, India, Taiwan, Turkey, Italy, and Greece were given waivers of exemption from the sanctions in order to avoid impacting the world market and raising the price of oil.
The next goal of the U.S is to decrease Iran’s oil export by another 20 percent.
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