Japan seeks exemption from US on Iran sanctions: METI minister

Tokyo (Platts)--20Jan2012/141 am EST/641 GMT


Japan has asked the US to be flexible on the tougher regime of sanctions covering imports of Iranian crude that were signed into law December 31 by President Barack Obama, the country's Minister of Economy, Trade and Industry Yukio Edano said Friday.

"Regarding implementation of the US sanctions, we have asked the United States to be flexible, including the granting of exemptions," Edano said at a press conference in Tokyo.

Asked about the possibility of complete suspension of Iranian crude imports, Edano said "we need to be prepared for all possibilities."

Edano also said that Japan was seeking exemption from any sanctions that would cut its banks off from the US financial system.

Referring to working level meetings on the sanctions this week with a visiting US delegation, Edano said the US had shown understanding of Japan's current economic situation, including the impact of the March 2011 earthquake.

The US will try to minimize the impact of the Iran sanctions on the Japanese economy and the crude market, Edano said.

--Takeo Kumagai, takeo_kumagai@platts.com

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