TOKYO, Aug 21, 2006 (AFP) - Japan, which is almost entirely dependent on Middle Eastern oil, will oppose United Nations sanctions on Iran's energy sector over its nuclear program, a newspaper said Monday. Tokyo will propose that any sanctions initially avoid touching Iran's oil exports, of which Japan is the biggest overseas buyer, the Yomiuri Shimbun said, quoting unnamed sources. "The government hopes to avoid losing oil supplies from Iran, which account for about 14 percent of total oil imports," the top-selling daily said.
"The government concluded that economic sanctions are inevitable as a means to apply international pressure on Iran," the Yomiuri said. "However, a ban on Iranian oil exports would deal a blow to the global and Iranian economies, so the government decided to propose that financial sanctions be imposed first and the oil embargo be shelved for the time being."