Japan lower house passes bill to insure Iran oil imports

Japan's lower house passed a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, a house spokeswoman said, a key step towards it becoming the first of Iran's big Asian oil buyers to get round new EU sanctions.

A European Union 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, which makes it practically impossible for tanker operators to ship Iranian crude to Japan without cover. (Reuters)