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Iran Gets Help With Oil Cargoes as Insurer Says U.S. Curb Lifted

  • Internationally recognized tanker insurance crucial for Iran
  • U.S. left restrictions on covering such cargoes in place

A U.S.-based insurer to the global shipping industry said it got government authorization to cover non-American companies transporting oil from Iran, potentially helping the Persian Gulf country to revive exports of crude and petroleum products following the lifting of sanctions last month.

The Office of Foreign Assets Control on Feb. 5 “prospectively removed” the restriction that previously prevented the American Club from providing cover for Iranian cargoes, the New York-based insurer said in a circular on its website. The club is “now generally available for non-U.S. person Members’ transportation of crude and products to and from Iran,” according to the notice.