Ali-Akbar Safaei said the US Treasury lifted sanctions on NITC after Iran and six world powers reached an interim deal late last year, but Iranian crude carriers could not be insured for six months.
“According to the International Group Agreement (IGA), the insurance coverage for the marine carriage of oil products should be at least one year due to high risks they run. The Geneva [nuclear] deal covers a six-month period,” he said.
The General Court of the European Union (EU) has scrapped sanctions imposed by the 28-nation bloc on NITC for its alleged role in Iran’s nuclear energy program.
The court rejected the EU’s “claims, produced as reasons” for linking NITC’s oil and gas activities to nuclear program funding.
The court also lifted sanctions imposed on Iran’s Moallem Insurance Company (MIC) for its risk coverage of Iranian oil tankers.
The removal of sanctions would allow MIC to provide insurance coverage for the vessels operated by the Islamic Republic of Iran Shipping Lines (IRISL).
At the beginning of 2012, the US and EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.
On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran.
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