Iran offers insurance to sidestep EU sanctions

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Iran begins taking matters into its own hands concerning insurance coverage Iran continues to struggle with strict sanctions enacted against it by the European Union concerning the country’s controversial nuclear program. As the sanctions begin to take their toll on the transportation of oil from the country, Iran is looking to take matters into its own hands. The country has entered into the insurance business, offering shipping companies coverage as a means to sidestep the sanctions imposed by the EU. The insurance coverage being offered by Iran would not only…

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United Kingdom works to delay sanctions against Iran

Sanctions could have major impact on the global economy Iran is currently facing imposing sanctions from the European Union that could have serious economic implications for the country. These sanctions are spurred by Iran’s refusal to put a stop to its controversial nuclear power program, as well as other reasons. The most recent sanctions from the EU will institute an insurance ban, barring companies from providing insurance coverage to ships transporting oil that was produced in Iran. The ban has caused a stir in the world of politics, even for…

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Indian shipping firms to transport oil despite sanctions

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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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