Proclamations of imminent economic success for Iran after last weekend’s interim nuclear deal were replaced on Friday by a more cautious message that easing of sanctions — even the measures agreed in Geneva — will not occur for months.
Press TV highlights a Reuters story about the relaxation of sanctions on Iran’s oil exports, noting that the process for lifting of bans on insurance for Iranian tankers will be long and complicated “due to complex law and regulations in the United States and the European Union”.

A spokesman for the leading British insurer P&I CLub said, “Until such changes are made, the effect of sanctions on Club cover remains unchanged.”

An independent insurance broker added, “The US has put a lot of pressure on insurers to do as little as possible with Iran. The biggest problem has been that an increasing number of insurers have US capital, and they are terrified of sanctions.”

The European Union’s prohibition on insurance was put into effect on July 1, 2012. It has been a major contributor to the fall in Iran’s oil exports from 2.2 million barrels per day at the end of 2011 to a historic low of 760,000 bpd earlier this year.

By EA WorldView

 

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