sanctions News

Sanctions Against Sudan Are Lifted but Insurers Still Can’t Buy Overseas Reinsurance

Sixteen months after the United States lifted most sanctions on Sudan, businesses are unable to operate dollar transactions, insurance companies are cut off from the reinsurance market and the local airline is virtually grounded for lack of spare parts. The …

North Korean Shipping Company Evades UN Sanctions, Obtains Marine Insurance

A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation, according to a new report by United Nations monitors. The U.N. Security Council’s Panel of Experts on …

Iran Accord Would End Sanctions on Many Industries Including Re/Insurance

Iran and world powers reached a historic accord designed to prevent the Islamic Republic from developing nuclear weapons in return for ending sanctions that have crippled the nation’s economy and slashed its oil exports. Here are some of the key …

Russia Will Suffer Ukraine Economic, Political Fallout for Years: Euler Hermes

Russia will suffer the economic and political fallout of the Ukraine crisis for years to come, according to Euler Hermes Group, the world’s biggest trade credit insurer. Euler Hermes expects Russia’s economy to contract 5.5 percent this year and 4 …

Iran Oil Liability Fears Grow as Insurance Ban Bites

A ban on European Union insurers covering Iranian oil exports has forced ship owners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill. The July ban, …

US Renews Waivers of Iran Sanctions for Japan, EU Nations

The United States has renewed waivers on Iran sanctions for Japan and 10 European countries because they cut their purchases of the OPEC nation’s crude oil, Secretary of State Hillary Clinton said on Friday. The renewal means banks in the …

Commentary: Iran Confident It Is Winning Sanctions War

Despite ludicrous claims to the contrary, Western sanctions have hurt Iran’s crude oil exports, but it’s also not all gloom and doom. In unsurprising, but obviously factually incorrect, remarks, the director of international affairs at the National Iranian Oil Co. …

Insurance Deal Lets India Resume Shipping Iran Oil

India has joined Japan in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions that have nearly halved Iranian oil exports to key markets. The first Indian ship to carry oil from Iran with Indian …

Standard Chartered Reaches $340 Million Settlement in New York over Iran

Standard Chartered Plc agreed to pay $340 million to New York’s bank regulator over transactions linked to Iran, in a speedily arranged deal that helped push up the emerging market-focused lender’s shares. The deal with New York Superintendent of Financial …

Obama Tightens Sanctions on Banks Helping Iran Sell Oil

President Barack Obama announced new U.S. sanctions on Tuesday against foreign banks that help Iran sell its oil and said the measure would increase pressure on Tehran for failing to meet its international nuclear obligations. Obama’s decision, in an executive …