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Source: http://uk.reuters.com/article/2012/04/26/uk-south-korea-iran-crude-idUKBRE83P0EH20120426
South Korea's Iran Crude Oil Imports to Plunge from June
(Reuters) Meeyoung Cho and Florence Tan - South Korea will make sharp cuts in imports of Iranian crude from June as tightening Western sanctions make it impossible to secure insurance cover for tankers to ship the crude, industry sources said. China, Japan and India, the other key consumers who buy most of Tehran's 2.2 million bpd of exports, have all cut purchases this year as sanctions make it impossible to pay, ship and insure the oil. Japan, Iran's third-largest oil consumer, will cut April loadings by almost 80%. Industry watchers expect the marine insurance issue to prove to be the most effective sanction used by Western nations.