Japan passes law to insure Iran oil imports

Japan passes law to insure Iran oil imports
It allows the Japanese government, which has succeeded in getting a waiver from U.S. financial sanctions, to provide cover of up to $7.6 billion for each tanker carrying Iranian crude bound for Japan in the event of accidents.

An EU ban on member countries importing Iranian oil takes effect on July 1 and includes a ban on EU insurance firms from covering Iran's exports. That is a headache for Japan, South Korea, China and India, which together buy two-thirds of Iran's oil exports and rely on EU companies to insure them.

Sources:
Reuters