Japan approves state guarantees for Iranian petroleum imports

The Japanese parliament has approved state guarantees for insurances of oil imports from Iran to bypass sanctions of the European Union, Trend reports.

The bill comes into force on June 27. The International Energy Agency said last week that exports of Iranian oil dropped from 2.5 million barrels daily to under 2 million barrels. The exports will further drop to 1.5 billion barrels daily in the second half of 2012.

Japan is free from US sanctions. It may insure Iranian tankers for $7.6 billion. Japan, South Korea, China and India purchase two thirds of Iranian oil.

Foreign ministers of 27 EU states met in Brussels on January 23 and approved the embargo on Iranian oil exports. The new package of sanctions includes a gradual ban on imports of petroleum from Iran. The embargo will come into full force on July 1. Iran announced a reduction of oil supplies for British and French companies in response. The EU purchases about 18% of Iranian petroleum exports. Italy, Spain and Greece are the main oil consumers in Western Europe.