Iran sanctions may hit Japanese firms

US researchers monitoring activity by multinational companies in Iran say Japanese firms could be affected by unilateral US sanctions against the Islamic Republic over its nuclear program.

The researchers, in their reports, named oil and gas producer Inpex Corp. and units of Japan’s three largest banks — Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group and Mizuho Financial Group Inc. — as some of the Japanese companies that will be affected by a new US law against Iran, The Wall Street Journal reported on Thursday, without giving more details about the reports.

The Japanese companies, named in the report, have spoken of policy adjustments in order to continue business with Iran over their liabilities.

“We are responsible on our shareholders’ behalf for recovering money we had invested,” said Inpex Corp. chief Toshiaki Kitamura whose company runs operations in Iran energy sector.

Kitamura further added that the company “will keep an eye on any impact” of the sanctions without commenting on the unilateral US move or the effects it could have on Inpex.

On Thursday, Obama signed into law new unilateral sanctions against Tehran aimed at preventing Iran’s access to imports of refined oil products.

The new sanctions over Iran’s civilian nuclear program and its uranium enrichment are said to have targeted the country’s financial transactions and energy sector.

Tehran, however, has announced that the sanctions will put no pressure on the country since it has the ability to meet its energy needs on its own if required.