Iran could return supplies to four major Asian markets, China, India, Japan and South Korea, for its crude oil exports if banking sanctions are lifted, a former senior official at the National Iranian Oil Co. (NIOC) said on June 30. 

Mohsen Qamsari, the former director of international affairs at the NIOC, told ILNA on June 30 that although restrictions on Iranian oil exports could be eased over a 60-day period under a US-Iran peace deal, “the main issue is the lifting of banking sanctions and making normal financial transactions possible.”

“The lifting of banking sanctions and financial transactions guarantees oil exports,” Qamsari said, adding that without the ability to transfer funds and conduct international banking transactions, Iranian crude exports would continue to face major obstacles.

Speaking about India, Qamsari said recent discussions with Indian oil officials suggested the country could once again become a buyer of Iranian crude.

He noted, however, that one of India’s major refineries that had previously purchased Iranian oil had since been acquired by Russian companies, reducing Iran’s potential market share compared with previous years.

Qamsari said Beijing currently meets around 10% of its oil demand with Iranian crude, but there was little expectation of a substantial increase in purchases.

“Even so, lifting sanctions, particularly banking restrictions, would smooth the way for Iranian oil exports to China,” he said.

Japan and South Korea could also return as potential customers if banking sanctions were removed, Qamsari said, but warned that the two countries “do not enter into transactions under high-risk conditions” and would require the complete normalisation of financial and banking relations before resuming purchases.

Before the reimposition of US sanctions in 2018, China, India, Japan and South Korea were among Iran’s biggest crude buyers. As sanctions tightened their grip, most Iranian exports became concentrated in China, while a significant share of shipments was conducted through informal channels and intermediary networks.

China remains Iran’s largest crude customer, accounting for more than 90% of the country’s oil exports in recent years despite the US’s repeated efforts to impose sanctions on shipping networks, maritime companies and financial entities linked to Iran’s oil trade.

Following the interim agreement reached between Tehran and Washington in June 2026, however, the United States issued limited waivers allowing Iranian oil trade and certain related financial transactions. The measures could pave the way for Iran’s gradual return to some Asian markets.