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E.U. suspends sanction measures against Iran, insurers advise short contracts

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The European Union has lifted certain sanction measures against Iran for six months, allowing insurers to once again cover Iranian cargoes bound for India, Japan, Korea, China, Taiwan and Turkey, Seatrade Global reported.

The International Group of P&I Clubs has told ship-owners to only enter into agreements that will be executed by Jul. 20 2014 as it is uncertain whether a grace period will be allowed for contracts underway.

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