Tags: UN Iran Sanctions

UN Sanctions Crimp Iran's Shipping Industry

Wednesday, 21 Jul 2010 07:48 AM


New sanctions imposed by the United States and the United Nations appear to be affecting Tehran's ability to ship vital goods as some of the world's most powerful Western insurance companies cut off Iranian shippers out of fear that they could run afoul of U.S. laws, The Washington Post reports.

The new measures pose a serious test for Iran. In particular, the U.S. sanctions, which threaten to penalize foreign companies that sell fuel and other refined petroleum products to Iran, have forced ports and freighting companies across the globe to reevaluate their Iranian business. Dozens of Iranian vessels that transport crude oil, industrial equipment and other goods and supplies in and out of the Islamic Republic have been denied insurance coverage for weeks, insurance company representatives said.

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

In a blow to Tehran, maritime insurer Lloyd's announced this month that it would stop underwriting gasoline imports to Iran, a move that analysts say will probably prompt other insurers to follow.

Russia and India have made it clear that they intend to continue legitimate trade with Iran, providing Tehran with hope that some nations will accept its solution for the insurance crisis: coverage guaranteed by the Iranian government.

Read the entire story at washingtonpost.com







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MiddleEast
UN Iran Sanctions
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2010-48-21
Wednesday, 21 Jul 2010 07:48 AM
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