Marine insurers could face restrictions following Iran sanctions
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U.K.-based International Group of Protection and Indemnity Clubs said that U.S. sanctions against Iran could restrict oil tanker owners and marine insurers from several countries from conducting maritime trade with Iran, Bloomberg reported. The association said that previous U.S. sanctions against Iran in 2012 also involved European measures which restricted the International Group from providing cover for Iranian shipments. The ramifications will become apparent after U.S. partner countries give their own response to the sanctions, the association added.
