Japan made a second payment to Iran for crude imports Wednesday, diplomatic sources told Reuters.

The Asian importer made its first payment to Iran last month following a partial lifting of international sanctions.

The payment was $450 million.

The second payment Wednesday went to an account as the Central Bank of Iran (Bank Markazi), according to reports.

Tough international sanctions over the past two years cut Iran’s oil exports in half, while U.S. measures imposed a year ago stopped the remaining importers of Iranian oil from transferring cash to Tehran.

The sanctions forced Iran to negotiate conditions over its disputed nuclear program.

Under the November agreement with the six major powers, Iran obtained access to $4.2 billion of its oil revenues by eight money transfers in exchange for a deal to curb its nuclear program, the Daily Times said.

Japan last month became the first of Iran’s oil buyers to make a payment for crude imports under the deal, sources told Reuters.

The amount of payment was reportedly $550 million.

The second and third payments were set for March 1 for $450 million and March 7 for $550 million under the agreement, sources said.


Leave a Reply