Japan is considering a new law to provide sovereign guarantees for its ships to allow them to continue importing Iranian-crude oil after EU sanctions come into effect in July, the Nikkei Business Daily said, according to Reuters. The EU has already prohibited European insurance coverage on hull and machinery for Iranian crude shipments, which has significantly limited Japan’s lifting of Iranian crude from April. The EU in March, however, extended European insurance for oil spills on Iranian oil shipments until 1 July, responding to calls for exemptions by Japan and South Korea. Industry sources have said it would be virtually impossible to keep importing Iranian crude without European insurance coverage for oil spills.