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EU agrees some Iran oil insurance exemptions

03-23-2012 07:34 BJT

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The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1st.

Thursday’s deal will allow buyers outside the EU to purchase third-party and environmental insurance on their shipments from European insurers, who cover most of the world’s tanker fleet. The decision, expected to be formally approved by EU foreign ministers on Friday, should make it easier for countries like Japan and South Korea to import Iranian crude at least until the deadline.

The decision will be reviewed before an EU foreign ministers meeting on May 14, where they could, in theory, agree to a further extension of the exemption.

But consensus could be hard to reach because of divisions among the EU’s 27 states.



Editor:Zhang Rui |Source: CNTV.CN

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