Japan seeks exemption from EU oil embargo

Japan is calling on the European Union to be exempted from the planned EU embargo on Iranian crude oil, Japan's NHK reported. The EU compiled a new set of sanctions in January against Iran because of its nuclear development program. The measures include banning European insurers from covering tankers carrying Iranian crude. Japan's trade and industry ministry said if the sanctions become effective in July as planned, all Iranian crude oil shipments to Japan would have to stop. Most Japanese crude oil importers have contracts with European insurers, which will be subject to the ban. Oil shipments from Iran account for nearly 10 percent of Japan's crude oil imports. The Japanese government said it will step up efforts to persuade the EU through diplomatic channels to accept the Japanese plea since the EU is likely to finalize the embargo later this week. The United States has decided to exempt Japan from financial sanctions against Iran.