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
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…
Read MoreIndia seeks alternatives to European maritime insurers as EU sanctions on Iran loom
As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…
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