Japan Wants Exemption From U.S. Sanctions On Iran

Japanese media report that Japan is looking for ways to be exempt from U.S. sanctions imposed against Iran.

Reuters reported on Tuesday October 30 that Japanese Finance Minister Koriko Jojima has called on U.S. Treasury Secretary Timothy Geithner to exempt Japanese banks from U.S. sanctions on Iran.

Geithner has reportedly responded that the request will be looked into.

The U.S. Congress approved a new package of sanctions against Iran in August aimed at penalizing banks, insurance companies and shippers that collaborate with Iran on the export of its crude oil.

The Nikkei business daily reported that other importers of Iranian oil besides Japan are also bound to protest against the proposed U.S. sanctions.

The United States has been looking at expanding sanctions against Iran and, according to Democratic Senator Robert Menendez, it is also looking at freezing 30 percent of Iran’s foreign currency reserves in international banks.

The new sanctions are set to be implemented in February and, once in place, Iran will face more restrictions on its oil exports.

Those exports have already seen a significant drop due to U.S. and EU sanctions, and the Iranian currency has been rapidly falling in value.