Iran sanctions News

Iranian Oil Tanker Struck, Probably by Missiles: Iran Media

An Iranian-owned oil tanker was struck, probably by missiles, in the Red Sea off Saudi Arabia’s coast on Friday, Iranian media said, an incident that if confirmed will stoke tension in a region rattled by attacks on tankers and oil …

German Bank Seeks to Seize Ships for Breach of Iran Sanctions

Reports alleging that fuel tankers appeared to breach U.S. sanctions against Iran were cited in court filings by a bank as it sought to seize the ships, accusing the owners of loan default. The accusations, which led to the the …

While Ships in Persian Gulf Turn Off Transponders to Avoid Seizure, Collision Risks Rise

Following weeks of mounting tensions in the Persian Gulf where vessels have been attacked and an oil tanker has been seized, recent news reports reveal that shipowners are trying minimize risk – by turning off their transponders and changing their …

Oil Tankers Cut Navigation Risks in Strait of Hormuz by Vanishing from Tracking Systems

Oil tanker owners are finding a way to reduce the risks of navigating the Strait of Hormuz, the world’s most important — and lately most dangerous — energy chokepoint: vanish from global tracking systems. Copying from Iran’s own playbook, at …

Shipping Firms Begin Hiring Unarmed Guards for Voyages in Middle East Gulf

Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said. Relations between Iran and the West are increasingly strained after …

Panama to Withdraw Flags from More Vessels that Violate Iran Sanctions: Reuters

Panama will withdraw its flag from more vessels that violate sanctions and international legislation, the country’s maritime authority told Reuters, following the removal of about 60 ships linked to Iran and Syria from the Panamanian registry in recent months. After …

AIG Winds Down Iran Business It Acquired Along With Validus

American International Group Inc. is exiting business activities in Iran that came with a subsidiary it acquired and which now butt up against the sanctions against Iran that have been reimposed by the Trump administration, according to a filing. Validus …

U.S. Reimposes Iranian Sanctions, Hitting Insurance, Shipping, Energy, Banking

The U.S. reimposed sanctions on Iran’s critical oil industry Monday, raising pressure on the Islamic Republic to scale back its ballistic missile program and involvement in conflicts across the Middle East. The sanctions on Iran’s energy, shipping and banking sectors, …

Iran Eyes Introduction of Insurance-Linked Securities as Alternative to Reinsurance

Iran is developing a range of new financial products, from Islamic bonds to warrants and insurance-linked securities, in an effort to give local firms more funding options as sanctions put pressure on the economy. The Iranian rial has plunged 70 …

India Refinery Cancels Iran Oil Imports to Keep Insurance Cover as Sanctions Loom

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co. Ltd., …