The volume of trade transactions between Tehran and Tokyo passed $13 billion in 2010, Japanese Ambassador to Iran Kinichi Kumano said, Press TV reported with reference to Mehr news agency.
"The volume of bilateral trade is increasing despite the sanctions on Tehran's nuclear energy program," Kumano told.
He further recalled that Japan purchases more than 350 thousand barrels of Iranian oil per day, totaling about $11 billion per year.
The Japanese envoy voiced his country's keenness to increase mutual cooperation in all spheres, particularly in trade.
Among OPEC member-countries, Iran ranks third on the largest proven oil reserves (after Saudi Arabia and Venezuela) and second on its production (after Saudi Arabia). According to BP, the proven oil reserves in Iran amounted to 137.6 billion barrels as of Jan. 1, 2010.
The UN Security Council resolution 1929 was adopted in the summer of 2010, as well as additional unilateral sanctions were approved by the U.S. Congress and the FMs of all EU countries, which are mainly directed against the banking, financial and energy sectors of Iran.
Restrictions imposed by the EU include the ban on the sale of equipment, technologies and services to Iran's energy sector. New investments in Iran's energy sector as a whole were also prohibited.