Understand Our Situation with Iran, Japan Asks Washington

Friday, December 16, 2011

Tokyo- (PanOrient News) Japan, a long time importer of crude oil from Iran, has asked Washington to re-consider its position on financial dealings with Iran’s Central Bank. Japanese Foreign Minister Koichiro Genba expressed unease at U.S. legislation that would punish foreign financial institutions who have dealings with Iran's central bank.

Genba said that Japan had asked the United States to give any legislation exceptional treatment. "The measure will have an impact on the Japanese and global economies and such concerns have already been conveyed to the United States," local media quoted Genba as saying in a press conference on Friday.

Iran provided 7.7% of total Japanese crude oil imports in October 2011, or 8.138 million barrels, according to figures from the Ministry of Economy, Trade and Industry (METI).

"We need to be very careful in making such a decision (to join in an import ban on Iranian oil,) given that our priority is securing energy supply in the aftermath of the massive earthquake," in March, an official from the Ministry of Foreign Affairs said.

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