Japan Approves Insurance for Tankers Affected by Iranian Ban
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Japan’s Cabinet approved a bill to provide sovereign insurance to tanker operators that import Iranian oil before the full implementation of European Union sanctions against the Persian Gulf nation.
The government plans to take over coverage for ship owners and petroleum refiners because they will lose access to Europe’s reinsurance market after the 27-member EU embargo goes into effect July 1, the transport ministry said today in a statement.