Japan's crude buyers set to switch back to private insurance for Iran imports

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Japan's crude buyers are preparing to move back to private insurers to cover transportation of Iranian oil after the European Union declared it would lift some sanctions for a period of six months starting Jan. 20, Reuters reported.

A Japan P&I Club official said the club would be able to recommence the $7.6 billion coverage for a vessel transporting Iranian oil. Japan has been providing a sovereign guarantee of nearly $7.6 billion in liability per tanker since the time E.U. and U.S. sanctions were imposed.

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