10:12 GMT +315 November 2018
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    In this April 4, 2015 file photo, Iranian and U.S. banknotes are on display at a currency exchange shop in downtown Tehran, Iran

    Japan Should Set Up Mechanism for Trade With Iran After Sanctions Waiver -Tokyo

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    On Monday, the second package of Washington's anti-Iranian sanctions took effect, specifically targeting the country's oil sector; the US unilaterally withdrew from the 2015 Iran nuclear deal in May, vowing to re-introduce sanctions against Tehran and compel other countries to follow suit.

    Tokyo should quickly create financial settlement mechanisms with Iran in connection with the US decision to exclude Japan and seven other countries from the effect of Washington's oil sanctions against Iran, according to the Japanese Foreign Ministry.

    "Taking into account this decision, it is necessary to create methods of financial settlements with Iran as soon as possible. To that end, we intend to energetically address this issue together with the interested structures," the ministry pointed out.

    READ MORE: Trump: Sanctions Against Iran to Remain 'in Full Force' Until New Deal Reached

    The statement came after a spate of energy and banking sanctions against Tehran entered force on Monday. In the sanctions, the US designated more than 700 individuals and entities as off-limits to US trading partners, including banks, aircraft and ships.

    Earlier, US Secretary of State Mike Pompeo announced that Washington would grant temporary waivers to eight countries to allow them to continue importing oil from Iran after November 5. They include China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

    READ MORE: Future Asian Development Relies on Splitting From US Sanctions on Iran — Scholar

    Pompeo pointed out that six of the countries agreed to significantly reduce imports of Iranian oil, while two others plan to halt their imports entirely.

    On Friday, US Special Representative for Iran Brian Hook said that the Iran sanctions waivers, or significant reduction exemptions (SRE), would last only six months, adding that Washington did not plan to grant any additional SREs after the 180-day period.

    US President Donald Trump announced Washington's withdrawal from the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), in early May. He also pledged to reinstate economic sanctions against Tehran and those countries which continue to do business with the Islamic Republic. The first round of the US restrictions entered into force in August.

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    Tags:
    mechanisms, oil, decision, issue, sanctions, Joint Comprehensive Plan of Action (JCPOA), Iran, Japan
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