Japan approves new sanctions on Iran

PanARMENIAN.Net - Japan said it will impose a fresh round of financial sanctions against Iran, after steps taken by the U.S., UK and the EU in recent weeks to intensify the global crackdown on Tehran's nuclear development program.

But energy-starved Tokyo rejected pressure to curb imports of Iranian oil.

According to the Wall Street Journal, with the new sanctions, approved by Prime Minister Yoshihiko Noda's cabinet Friday, December 9 morning, Japan said it will freeze the assets of an additional 106 organizations, one individual and three banks, widening to more than 350 the circle of Iran-based entities believed to be linked to the country's nuclear development program and subject to these restrictions.

Masaru Sato, a spokesman for the foreign ministry, said that the latest action has been under review since the International Atomic Energy Agency reported in early November that Iran is building a nuclear bomb and was made "in close coordination with the international community."

But Japan did nothing to curb Iranian crude oil imports, a step that some Western nations have urged, and would apply more direct pressure on Tehran.

"We would like to be careful in dealing with sanctions against Iran, which produces large amounts of crude oil, taking into consideration possible impacts on crude oil prices and the global economy," Yukio Edano, the minister of economy, trade and industry said Friday morning.

Iranian crude oil commands a significant chunk of Japan's energy supply, making up roughly 10% of the country's intake. Government officials in both the economy and foreign ministries signaled a wariness to curb Iranian imports that may further shake Japan's ability to secure a stable energy supply in the wake of the March 11 disasters that idled many of the country's nuclear reactors.

Meanwhile, the EU is reviewing a possible Europe-wide ban on Iranian crude shipments.