Insurers Having Impact On Iran Sanctions 

Insurers are making their mark on U.S. and United Nations-imposed sanctions on Iran, as leading insurers are denying coverage for Iranian vessels that ship vital goods, a Washington Post story reveals.

The story notes that Lloyd’s earlier this month said it would stop underwriting gasoline imports to Iran, and other insurers have since done the same.

The story quotes Mohammad Rounaghi, deputy manager of Sea Pars, an Iranian company that provides services for international ship owners and maritime insurance companies, as saying, “Iranian-flagged ships are facing problems all over the world as they currently have no insurance coverage because of the new sanctions. Basically, most ports will refuse them entry if they are not covered for possible damages.”

But Mohammad Hussein Dajmar, managing director of the Islamic Republic of Iran Shipping Lines, sought to downplay the sanctions’ effects. The Washington Post quotes him as saying, “These sanctions have not affected us much. The world has many ports. We will sail to those nations that want to do business with us.”

The story also notes that some countries—including Russia, China and India—have expressed some anger over the U.S. sanctions, and have vowed to not recognize them.

For the full story, see the Washington Post article, New Sanctions Crimp Iran's Shipping Business As Insurers Withhold Coverage.

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