Japan keen on doing business with Iran despite US sanctions
Japan keen on doing business with Iran despite US sanctions

Japanese Economy, Trade and Industry Minister Hiroshige Seko says that his country will negotiate with US to be exempted from Washington’s extra-territorial sanctions against Iran. Worried about Japanese business and trade interactions with Iranians, Japanese Economy, Trade and Industry Minister Hiroshige Seko said at a press conference on Tuesday that his country will try to […]

Japanese Economy, Trade and Industry Minister Hiroshige Seko says that his country will negotiate with US to be exempted from Washington’s extra-territorial sanctions against Iran.

Worried about Japanese business and trade interactions with Iranians, Japanese Economy, Trade and Industry Minister Hiroshige Seko said at a press conference on Tuesday that his country will try to talk US into exempting Japan from the consequences of doing business with Iran under US unilateral, extra-territorial sanctions, reported RIA Novosti.

The Japanese minister made the remarks a day after the first batch of US unilateral sanctions were reinstated against Iran following Trump’s pullout from the 2015 nuclear deal.

“We will carefully analyze the situation and patiently negotiate with the US to avoid any adverse impact on Japan’s business activity,” said Seko.

Japan return to doing business with Iran after January 16, 2016, when the sanctions imposed by the EU were lifted. It is hoped that the export of Iran’s oil to Japan would increase to 300,000 barrels per day.

Following the removal of sanctions, Japan and Iran signed an investment agreement that was designed to open the way for Japanese investments in the Iranian economy.

Meanwhile, EU governing body in a joint statement read out by foreign policy chief Federica Mogherini on Monday, said an updated Blocking Statute enters into force on 7 August to protect EU companies doing business with Iran from US extra-territorial sanctions.

Mogherini and the E3 foreign ministers expressed deep regret over the re-imposition of sanctions by the US, and stressed their firm resolve to keep financial channels with Iran open.

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