E.U. to lift ban on insuring Iranian oil effective Jan. 20

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The European Union will lift a ban on insuring Iranian oil for a period of six months starting Jan. 20 2014, Reuters reported.

"We would welcome the relaxation," Andrew Bardot, executive officer of the International Group of P&I clubs, said.

Protection and Indemnity clubs said they would take a step-by-step approach to covering Iran's energy cargoes.

Insurance specialists said it will take time before insurers will be able to offer coverage.

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