But not all will be impacted by the decision. Idemitsu Kosan is set to end a long-term contract with Iran in late August. Cosmo Energy Holdings, which uses short contracts only months long, will consider whether to continue imports after October, based on the government's progress in negotiations. Washington in June demanded that Japan ban imports of Iranian oil by Nov. 4, when the U.S. reintroduces the sanctions. Japanese financial institutions like MUFG Bank then warned the government that they would suspend all transactions involving Iran unless the U.S. exempted Iranian oil from the sanctions, making it virtually impossible for Japanese oil companies to continue importing from the country. Japan relies on Middle Eastern countries for about 90% of its oil imports. Iran accounts for the sixth-largest share at roughly 5%, ranking after Russia, but is down from 13% in 2005 because of European and American sanctions.