Japan forms part of a list of countries that have been exempted from U.S. economic sanctions on Iran. Countries on this exemption list are allowed to import Iranian oil for another 180 days.

On Monday, the governor of Iran’s central bank stated, Japan has begun the process of importing Iranian oil.

The resumption of oil imports by Tokyo from Iran, comes in the wake of a waiver from U.S. sanctions that came into effect in November.

“After China, South Korea, India and Turkey, Japan also started the process of importing Iranian oil,” said Iran’s state news agency IRNA citing Abdolnaser Hemmati, the governor of Iran’s central bank.

In May 2018, since U.S. President Donald Trump took steps to withdraw the United States from a landmark pact that was aimed at curtailing Iran’s nuclear program and reimposed sanctions on Tehran, Iran’s oil exports have fallen sharply.

In 2018, Iranian crude oil accounted for 5.3% of Japan’s total crude imports.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy

Tags: crude oil, economic, economy, exempted, exemptions, import, importing, Iran, Iranian, Japan, Japanese, sanctions, U.S, United States