Iran prepared to insure oil tankers domestically: Iranian company
Iran is capable of providing further insurance cover for the oil tankers shipping the country’s crude, the managing director of Iran’s Kish Insurance Institute says.
“At present, there is no problem to insure oil tankers within the country,” said Muhammad-Reza Mohammadi Banaei on Sunday.
Mohammadi Banaei went on to say that his company has recently provided insurance cover for more oil tankers and that 13 new tankers are set to be insured in the near future.
He pointed out that all the Iranian tankers used for the export of the country’s crude are insured domestically.
On July 1, the US-engineered European Union’s sanctions against Iran's oil and financial sectors took effect.
The sanctions prevent all the EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude.
The sanctions have been imposed based on allegations that Iran is seeking to acquire a military nuclear capability.
Tehran has refuted the allegation, noting that frequent inspections by the International Atomic Energy Agency have never found any diversion in its nuclear energy program toward military purposes.