Iran offers maritime insurance coverage
The Iranian government will provide insurance coverage for foreign ships entering its territorial waters, the managing director of the port authority said.
EU sanctions that went into force July 1 prohibit European companies from providing insurance for ships carrying Iranian crude oil. Ataollah Sadr, director of Iran's ports and maritime organization, said the Iranian government would cover vessels traveling in Iranian waters.
Any foreign shipping line and any foreign ship that enters Iran's waters, the Islamic Republic of Iran takes the responsibility for its insurance coverage, he told the semiofficial Fars News Agency.
Washington last week announced it imposed additional sanctions on Iran's proliferation networks and front companies used to evade sanctions on the country's energy sector.
Iran ranks among the top in terms of oil reserves among members of the Organization of Petroleum Exporting Countries. The government, in response to tightening sanctions, has threatened to close the Strait of Hormuz, a conduit for about 20 percent of the world's maritime oil shipments. Sadr added that sanctions, which he described as an
enemy trick, were defused by countermeasures adopted by the Iranian government.
- Airlines need to stick to their promise - it's always safety first, profit after
- The unquestionable Suez Canal development project leaves many questions unanswered
- What's next after the Etihad-Alitalia deal?
- Revealed: the consortium chosen by the military to give the Suez Canal a makeover
- Not just wasted time: Cairo traffic is costing Egypt a significant percentage of its GDP
- More trouble for Iran: South Korea halts crude oil imports after sanctions
- US war risk insurance to cover commercial operations in Mideast
- Fail much? No health insurance for Dubai's single expats
- Iran tries to dodge EU sanctions with insurance scheme
- Moving on: EU lifts sanctions on 14 Iranian entities in one year