Japan has announced it is supporting America’s sanctions on Iran and will begin to reduce the amount it imports. Japan currently imports 10% of its oil from the Middle Eastern country.
After meeting with U.S. Treasury Secretary Timothy Geithner in Tokyo Japan’s Finance Minister Jun Azumi told reporters “We plan to start reducing this 10% share as soon as possible in an orderly manner.”
Iran has threatened to respond to American sanctions by shutting the Strait of Hormuz, a transit route for around a fifth of the world’s oil.
The American Jewish Committee has welcomed the support of Japan after the Obama administration signed a Law in December that ends all US dealings with Iran’s Central Bank. AJC Executive Director David Harris said: “Iran’s leaders must recognise that the international community is determined to impose crippling economic and financial sanctions to stop Tehran’s nuclear weapons program.”
The IAEA confirmed that Iran has begun enriching uranium up to 20% purity, which many agree is a major step towards making uranium weapons-grade.