Iran sanctions News

EU Sanctions Relief for Iran Includes Lifting Insurance Ban

European Union governments will implement all EU sanctions relief for Iran covered by a landmark nuclear deal on Jan. 20, the day the agreement takes effect – including lifting a ban on insuring its oil, officials said on Monday. Under …

India’s Iran Oil Imports Drop as Refiners Await Insurance Fund

India’s crude imports from Iran fell 40 percent in the first nine months of this year as some refiners cut purchases from the sanctions-hit nation while waiting for New Delhi to back local insurers covering plants processing the oil. European …

New York Regulators Query 20 Reinsurers About Iran Ties

New York’s financial regulators asked 20 more reinsurance companies Wednesday for information about business with Iran in violation of U.S. sanctions, including measures they’ve taken to ensure they don’t underwrite prohibited shipping. The Department of Financial Services, which sent a …

Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry

Zurich Insurance Group AG is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter.The state Department of Financial Services is asking …

India Grants 3 Month Extension to Iranian Underwriters for Non-Oil Shipments

India has extended a temporary approval to Iranian underwriters Kish P&I Club and Moallem Insurance Co for covering container and tanker vessels calling at Indian ports, in a move that should clear a backlog of non-oil shipments. The three-month extension …

Swiss Re, Lloyd’s Among Insurers Probed by N.Y. on Iran Sanction

Swiss Reinsurance Co. and Lloyd’s of London, the world’s oldest insurance market, are among insurance companies being probed by New York’s insurance regulator about their compliance with an expanded Iran sanctions law. The state Department of Financial Services is asking …

Longer Routes Help Oil Tankers Mitigate Iran Sanctions

Oil tanker owners are cushioning the impact of Iranian trade restrictions by shipping crude over greater distances to some of Asia’s biggest economies, the founder of Nordic American Tankers Ltd. said on Wednesday. Chief Executive Herbjorn Hansson said Western sanctions …

Iran’s March Crude Exports Fall to Lowest Since Sanctions Began

Iran’s crude oil exports in March may plunge by a quarter from a month earlier to the lowest since tight Western sanctions came into effect in 2012, industry sources said, squeezing income for Tehran as sanctions cast doubt over its …

Trade, Insurance Sanctions Against Iran in U.S. Defense Bill

A final version of new U.S. economic sanctions against Iran would give the Obama administration more time to implement measures aimed at its energy, shipping and port sectors, but otherwise was little changed from an initial draft released last month. …

Senate Preparing New Iran Sanctions, Expanded Insurance Ban

New sanctions aimed at reducing global trade with Iran in the energy, shipping and metals sectors may soon be considered by the U.S. Senate as part of an annual defense policy bill, senators and aides said on Tuesday. The sanctions …