Lloyd’s willing to insure carriage of oil coming from Iran

On January 18, 2016, Lloyd’s announced that transport insurance and reinsurance of Iranian oil products and by-products has been authorized by European countries. This announcement comes after the lifting of sanctions against Iran.

This decision has also been welcomed by Indian insurers and reinsurers who have had business ties with their Iranian counterparts during recent years. Some American restrictions are, nevertheless, still in force as the United States still prevents its citizens from undertaking business with Iran.