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Iran insurers to cover foreign ships in territorial waters

19 July 2012 02:43 (UTC +04:00)

Baku-APA. An Iranian official said Iran will provide cargo ships entering its waters with insurance, in a bid to circumvent the European Union (EU) oil embargo which forbids EU ’s insurers to cover ships carrying Iranian oil, local media reported on Wednesday, APA reports quoting Xinhua.

"Iran will take all responsibility for insuring any foreign shipping line and any ship that enters Iranian waters," Ataollah Sadr, the managing director of Ports and Maritime Organization of Iran, was quoted by the semi-official Mehr news agency as saying.

He said Iranian insurance companies have provided cooperation in this matter.

Amid efforts to curb Iran’s controversial nuclear program, the EU imposed an oil embargo on Tehran on July 1, banning all its insurers from covering cargo ships carrying Iranian oil.

Iranian officials said Iran can find ways to bypass western sanctions and satisfy buyers.