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Japan said to make $450m oil payment to Iran

The payment was the second to the country under an agreement on its nuclear program

Published: Updated:

Japan deposited $450 million in funds owed for oil imported from Iran in a Central Bank of Iran (CBI) account on Wednesday, the second payment to the country under an agreement with Western powers on its nuclear program, diplomatic sources said.

Tough international sanctions over the past two years have cut Iran's oil exports in half.

U.S. measures imposed a year ago stopped the remaining importers of Iranian oil from transferring cash to Tehran, starving the OPEC member of its principal source of hard currency and forcing Iran to the negotiating table over its disputed nuclear programme.

Japan made a first payment last month.