(Reuters) -�Japan�made a second payment to�Iran�for crude imports under an interim nuclear deal on Wednesday, diplomatic sources told Reuters, as the West eases a year-long stranglehold on revenues that has crippled the Iranian�economy.
Japan, which became the first of Iran's oil buyers to make a payment to�Iran�last month, deposited $450 million in funds owed for oil imported from Iran in a Central Bank of Iran (CBI) account, according to the sources.

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, starving�Iran�of hard currency and forcing it to the negotiating table over its disputed nuclear programme.

Under a Nov. 24 agreement with six major powers, Iran won access to $4.2 billion of its oil revenues frozen abroad by eight money-transfer schedules through July if it carried out its part of the deal to curb its nuclear programme.

Japan�last month became the first of Iran's oil buyers to make a payment for crude imports under the deal, sources told Reuters, with one source confirming the amount of $550 million.

According to the agreement, the second and third payment schedules were March 1 for $450 million and March 7 for $550 million.

Tokyo's role in sending the first two funds may be a boon for Japanese firms jostling for position with international rivals to invest in Iran's oil and gas sector, should a further agreement end Tehran's international isolation.

Iranian oil ministry news service Shana reported a senior official as saying on Tuesday that India has deposited some of the money owed for oil imported from Iran in a CBI account, but government and industry sources in India denied the report.

Indian officials said late last month that they were ready to pay $1.5 billion to clear part of a backlog of payments for shipments of oil following the partial easing of sanctions.

By Reuters

 

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