Ships in Iran's waters to be insured

Iran will ensure insurance coverage for any foreign shipping lines and any ship that enters its waters, the country's head of port said.

Seyed Ataollah Sadr, the managing director of Iran's Ports and Maritime Organization (PMO) said the measure was a victory against the sanctions which Iran faces, Fars news agency reports.

The West has embargoed Iran's oil industry and its Central Bank. The U.S. is pressuring other countries to stop doing business with Tehran.

On July 1, the European Union (EU) stopped buying oil from Iran. Imposing tougher sanctions means that Iran's oil carriers, or any ship carrying Iran's oil, are no longer insured as 95 percent of shipping companies are covered by the EU insurance

These measures are part of an effort to make Iran answer questions about its nuclear program which it says is peaceful and civilian in nature while the U.S. and its allies contend it is not.

Sadr made the comments at the opening ceremonies of a 25,000 ton wheat silo at the port of Amirabad on the Caspian Sea.


/Trend/