BREAKING NEWS

Iran offers to insure foreign ships to skirt EU ban

By REUTERS

JULY 17, 2012 22:22

DUBAI - Iran said it would insure any foreign ships that enter its waters, in an effort to skirt a European Union ban on insuring ships carrying Iranian crude that has hampered the country's oil exports.

"The Islamic Republic of Iran will take all responsibility for insuring any foreign shipping line and any ship that enters Iranian waters," the Fars news agency on Tuesday quoted Seyyed Ataollah Sadr, the managing director of Iran's Ports and Maritime Organization, as saying.

"The Islamic Republic of Iran has adopted measures with the cooperation of Iranian insurance companies," he said.

The EU enacted a ban on July 1 on insurance for tankers carrying Iranian oil, preventing EU insurers and reinsurers from covering tankers carrying Iran's crude anywhere in the world.

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