U.N. Security Council’s decision against North Korea includes insurance sanctions

North Korea Insurance sanctions

The vote was unanimous throughout the council in response to Pyongyang’s choice to launch more ballistic missiles. The U.N. Security Council gave its unanimous approval to strengthening measures against North Korea, including insurance sanctions. This decision was in response to the country’s most recent ballistic missile launch. Pyongyang claims those it is now capable of sending those missiles to any part of the U.S. mainland. The U.N.’s Security Council resolution also includes strikingly lower caps on refined oil to North Korea. Aside from considerably tightened refined oil restrictions, North Korea…

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Oil insurance fund delays shrink Indian imports of Iran crude

oil insurance news

As refiners continue to await the full operation of the program, not as many tankers are leaving Iranian ports for India. The imports of Iranian crude to India have dropped by 40 percent over the span of January through September as a number of refiners in the country have been slashing their purchases as they await the oil insurance coverage that New Delhi has been promising for the coverage of plants provide the local processing. The Western sanctions from Europe and the United States continue to hold back Iran’s export…

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Insurance News: South Korea halts purchases of oil from Iran

Iran Oil Insurance industry News

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

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Indian shipping firms to transport oil despite sanctions

Insurance news

EU sanctions putting strain on shipping industry As Europe and the U.S. begin to tighten sanctions against Iran, concerns regarding the impact these sanctions will have on the shipping industry have grown. Over the past year, sanctions have caused ripples in the industry because they threatened to prevent shipping firms that transport Iranian oil from obtaining insurance coverage. Pushed forward by the European Union, these sanctions banned maritime insurers from covering ships that carried Iranian oil. Some insurers have been granted waivers allowing them to cover these vessels, but coverage…

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