EU Says Ban on Insuring Iranian Oil Will Proceed as Planned

Europe’s sanctions on insurance for Iranian oil shipments won’t be lifted or suspended as Asian importers look to governments to cover cargoes.

Insuring ships carrying crude from the Persian Gulf country will be banned when the European Union’s embargo takes effect July 1, Michael Mann, foreign-policy spokesman for the 27-nation bloc, said today in Moscow. The rules apply to 95 percent of the world’s tankers because they’re covered by the 13 members of the London-based International Group of P&I Clubs.