Japanese oil companies are preparing for a complete cessation of oil imports from Iran

Japanese oil companies are preparing for a complete cessation of oil imports from Iran, Japan’s leading business newspaper Nikkei reported on Thursday.

According to the newspaper, oil supplies from Iran should be completely stopped by October. Alternative suppliers include Saudi Arabia and the United Arab Emirates. Japanese suppliers of Iranian oil – JXTG Holdings and Idemitsu Kosan – received a warning from the US about the need to completely stop imports by November 4, 2018, when Washington plans to resume sanctions against Tehran. If the purchases of Iranian oil continue, the US threatens to impose penalties on these companies.

Against this background, Japanese banks notified national oil companies that they are stopping settling transactions related to Iranian oil, which makes its purchase almost impossible, reports BSS.

US President Donald Trump on May 8 announced the withdrawal of Washington from the Joint Comprehensive Plan of Action (JCPOA), a deal that was concluded in 2015 and limited Tehran’s nuclear development in exchange for the abolition of relevant UN Security Council sanctions and unilateral restrictive measures imposed by the United States and the European Union.

He promised not only to return within 90-180 days old sanctions, but also to introduce new restrictive measures. Sanctions affecting Iran’s energy sector will be resumed on November 4.

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