EU lifts some sanctions against Iranian oil
The European Union has lifted sanctions on several Iranian oil companies, allowing insurance providers to offer coverage for the oil that these companies produce once again. The insurance industry had experienced some turbulence due to the sanctions, as they prevented insurers from covering ships containing oil produced in Iran. These sanctions were meant to pressure Iran into aligning itself with certain political interests, but also introduced some economic stress to other countries that rely on Iranian oil, such as India and Japan.
Insurance industry will be able to provide coverage for some of the ships transporting Iranian oil
Earlier this year, the U.S. Office of Foreign Affairs also lifted sanctions on several Iranian organizations involved in oil production. This will allow the insurance industry more flexibility in its dealings with Iran and the various organizations that are involved in the oil sector. Being able to provide coverage for ships transporting Iranian oil may also spark economic activity in some parts of the world, especially in countries that have had to find other sources of fuel.
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Other sanctions remain that limit the ability of insurance companies to provide coverage
While some sanctions have been lifted, other remain. Insurers have fewer limitations on the coverage that they can legally provide, but other sanctions are currently in place to limit how much coverage can be offered and what insurance companies can and cannot provide coverage for. These sanctions are likely to remain in place for some time and are part of ongoing political battles concerning Iran’s controversial nuclear project.
Countries come together to form plan for Iran to abandon its nuclear energy program
In November of 2013, several countries, including Iran, came together to form the Joint Plan of Action regarding Iran’s nuclear energy program. The program had been quite controversial during the height of its existence because of fears that it would result in a nuclear arsenal for Iran. Sanctions were introduced to force Iran to abandon this program. The Joint Plan of Action is a framework that outlines Iran’s plans to dismantle its nuclear energy program.