TOKYO (Reuters) – Japanese crude buyers are set to switch back to private insurance providers for transportation of Iranian oil, after relief from some EU sanctions goes into effect next week, industry and government sources said.
Under the interim deal reached between Tehran and six world powers in November, the European Union on Jan. 20 will suspend for six months a ban on insuring and transporting Iranian oil.
Since 2012 when tough EU and U.S. sanctions were slapped on Iran over its ambitious nuclear programme, Japan has been providing a sovereign guarantee of up to $7.6 billion in liability per tanker to keep oil trade with Tehran going.
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