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Japan Oil Buyers to Move Back to Private Insurance for Iran Imports

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.

By Reuters | Updated on January 16, 2014
An oil tanker at a port in Yokohama, Japan. (AP Photo)

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.

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