June 26, 2012

India wants Iran to insure, ship oil in sanctions bypass scheme

India has allowed its state refineries to import Iranian oil on the condition that Tehran arranges for insurance and shipping of the crude oil. This will give India a chance to continue buying Iranian oil after EU sanctions come into force on July 1.

Despite the US exemption of India in the forced compliance with its unilateral sanctions on Iran's oil industry, Indian refiners would have faced problems with insurance from Western-based protection and indemnity (P&I) clubs after July 1. Read more.

RT

Related,
EU Iranian Oil Ban a 'Non-Event': Former Shell CEO (video) - CNBC
South Korea gives up Iranian oil - RT

China says oil imports from Iran fair, reasonable (video) - PressTV
Japan's Mitsubishi Corp renews oil purchase deal with Iran - PressTV

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