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Iran oil embargo to impact Japan most: Report

Source: Press TV

A report says the Japanese economy would be hardest hit in case sanctions are slapped against the Iranian oil industry over the country's nuclear program.

The file photo shows Iran Delvar Very Large Crude Carrier (VLCC).

According to an editorial published in The Yomiuri Shimbun newspaper on Sunday, Japan, which imports about 10 percent of its oil imports from Iran, could be doubly hit by the difficulty in procuring oil and high oil prices if Washington and its allies expand sanctions against Tehran to an oil embargo.

The editorial added that sanctions against Iranian oil would hinder Japan's reconstruction in the aftermath of a 9-magnitude earthquake and a devastating tsunami on March 11. Therefore, the Japanese government must liaise with the US administration and draw up measures to avoid Japan's oil imports being affected by the anti-Iran sanctions.

Other countries such as South Korea, Greece, Italy, Spain and several European states share similar concerns as those of Japan.

The United States, Britain and Canada imposed unilateral sanctions on Iran's energy and financial sectors on November 21 in the wake of the latest report by the International Atomic Energy Agency (IAEA) on the country's nuclear activities.

Iran dismissed the latest IAEA report as "unbalanced, unprofessional and prepared with political motivation and under political pressure by mostly the United States."

The United States, the Israeli regime, and some of their allies have repeatedly and rhetorically accused Tehran of pursuing military objectives in its nuclear program.

Iran argues that as a signatory to the nuclear Non-Proliferation Treaty and a member of the IAEA it has the right to develop and acquire nuclear technology for peaceful purposes.

The IAEA has conducted countless inspections of Iran's nuclear facilities but has never reported any specific evidence indicating that Tehran's civilian nuclear program has been diverted to nuclear weapons production.

... Payvand News - 12/19/11 ... --

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