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EU to exempt Japan from Iranian oil insurance ban

Saturday, March 24, 2012

The European Union has decided to effectively exempt Japan from its ban on the underwriting of Iranian oil shipments by European insurance companies.

The EU decided in January to ban its member countries from importing oil from Iran. It also prohibited European insurance firms from underwriting Iranian oil shipments by countries other than the EU.

Japan requested the EU to exempt it from the ban, saying it would prevent Japan from importing Iranian oil. Most Japanese importers insure their shipments with European firms.

EU foreign ministers decided at their meeting in Brussels on Friday not to impose the ban on contracts signed by Japan and some other countries until July 1st.

They agreed on the need to monitor the impact of the ban on crude oil markets, and will discuss whether to continue the exemptions after July.

But the ban on European insurance firms from underwriting shipping and freight will go into effect from Saturday.

Friday, March 23, 2012

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NHK.

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