Japan to pass bill to insure Iran oil imports
TOKYO (Reuters) – Japan’s lower house is set to pass a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, making it the first of Iran’s big Asian buyers to find a way to keep the oil flowing in the face of tough new EU sanctions. A European Union ban on member countries importing Iranian oil takes effect on July 1 and includes a ban on EU insurance firms from covering Iran’s exports. That is a headache for Japan, South Korea, China and India, who together buy two thirds of Iran’s oil exports and rely on EU companies to insure them. EU and U. S. . . .
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