EU sanctions relief for Iran to go fully into effect on January 20
ISNA - Iranian Students' News Agency
Tue 14 Jan 2014 - 13:51
TEHRAN (ISNA)- European Union governments will implement all EU sanctions relief for Iran covered by a landmark nuclear deal on January 20, the day the agreement takes effect - including lifting a ban on insuring its oil, the EU officials said.
Under the November 24 accord, the EU will suspend for six months a ban on insuring and transporting Iranian oil, as well as a trade ban affecting the country's petrochemicals, gold and other precious metals.
The accord will go into effect next Monday provided the International Atomic Energy Agency (IAEA), the UN nuclear watchdog, confirms Iran is carrying out its part of the deal, meaning limiting its nuclear work.
'Everything the EU does goes into effect on January 20,' one EU official said.
Oil markets are watching the insurance provisions closely because Europe's Protection and Indemnity (P&I) clubs provide cover for most of the global oil tanker market.
The body whose members provide liability cover to 95 percent of the world's tanker fleet said it welcomed the move but would take a step-by-step approach to insuring Iranian energy cargoes again.
Andrew Bardot, executive officer of the International Group of P&I clubs, said, 'We see it as a move in the right direction towards ensuring that ship owners that are carrying these oil cargoes can have access to proper insurance and liability insurance cover.'
Insurance specialists say even with the limited lifting of restrictions, it will take time before insurance providers will be able provide cover.
'It will be a relatively limited and gradual approach,' Bardot said.
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