Insurance news from Iran shows oil tankers are bypassing embargoes

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Iranian vessels are now easily skirting around the E.U. sanctions. Though the sanctions from the E.U. against Iranian oil tanker coverage had been making insurance news with their efficacy when they were first set into place in July, the Middle Eastern country has since shown that it is no longer struggling with those bans. The coverage embargoes are no longer in the way of Iran’s crude shipments. According to the Central Insurance of the Islamic Republic of Iran’s deputy head for planning and development, Rahim Mosaddeq, “Most of the sanctions…

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Price of Iranian oil expected to spike from ship insurance ban in European Union

According to sources in the insurance industry, a ban is widely forecasted to begin on European insurance coverage for exports of oil from Iran beginning on July 1,2012, and is threatening to restrict shipments from that country, causing costs to rise for large purchasers such as South Korea and Japan. The European Union created a partial exemption from its embargo last week for some insurance companies that cover Iranian oil, until July. Next month, the ministers in the EU intend to go over whether or not those exemptions will be…

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