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Japan lifts key oil, gas sanctions against Iran

Staff writer |
Japan lifted its key sanctions against Iran, including bans on making new investments in the oil and gas sector using export credits, the Ministry of Economy, Trade and Industry said.

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Tokyo's action followed news over the weekend that the US and EU had announced Implementation Day, triggering the lifting of sanctions against Iran, after Tehran fulfilled its obligations to limit its nuclear program, Platts reports.

Japan Friday lifted sanctions related to the oil and gas sectors that were imposed in 2010 in accordance with UN Security Council Resolution 1929.

This included lifting its ban on the state-owned Japan Bank for International Corporation and Nippon Export and Investment Insurance entering into any new commitments for long-term export credit, running two years or more, in all trade sectors, including energy.

The JBIC and NEXI ban had made it difficult for Japanese companies to make any new investments in oil and gas projects, which are usually long term. Japan also lifted NEXI's restrictions on providing short-term export credit for trade with Iran.

It also lifted its caution for Japanese companies to refrain from all new oil and gas projects in Iran and pay careful attention to existing energy contracts with the country, and lifted its caution to the local industry on its energy trade with Iran.

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