Japanese Foreign Minister Koichiro Gemba announced sanctions against Tejarat Bank, the third largest bank in Iran, Vzgliad reports.
Tokyo is in a complicated situation at the moment, because it needs to reduce oil imports from Iran under pressure of the US and other states. However, Japan does not plan a total oil embargo, fearing serious economic repercussions.
Japan was the third largest importer of Iranian oil after the EU and China in 2011. Oil imports from Iran have dropped by over half, provoked by the ongoing conflict around the Iranian nuclear program since 2003. Imports dropped by 11.7% in 2011 and totaled $12 billion.
