Major Asian buyers of Iran crude oil including China, India, Japan and South Korea have worked around the European Union (EU) embargo, setting to import oil from Iran, Reuters reported on Wednesday.
The report added that the amount of oil imports from the Islamic Republic will recover to the levels reached before the July 1 insurance ban by the EU.
The report comes as South Korean Economy Ministry sources reportedly said on Monday that the country will resume imports of up to 200,000 barrels per day of Iranian crude starting from September.
India has also offered government-backed insurance for ships carrying crude from Iran to the South Asian country, defying the illegal sanctions against the Islamic Republic.
On January 23, under pressure from the United States, the EU foreign ministers approved new sanctions against Iran's oil and financial sectors.
The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1.
On August 1, the US congress approved more illegal embargoes against Tehran, which seek to punish banks, insurance companies and shippers that help Tehran sell its oil.
The new US embargoes on Iranian crude sanctions, signed into law by US President Barack Obama, seek to penalize other countries for buying or selling Iran’s oil. The sanctions took effect on June 28.
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