(MENAFN) Iran is set to insure any foreign ships that enter its waters, a move aimed to work around the European ban imposed on its oil exports, Reuters reported.
Managing director of Iran's Ports and Maritime Organization Seyyed Ataollah Sadr was quoted by Fars news agency as saying that his country will take all responsibility for insuring any foreign shipping line and any ship that enters Iranian waters, adding that the government has coordinated with Iranian insurance companies to adopt such measures.
The West has imposed sanctions to further pressure Iran to stop its controversial nuclear programme.
Iran's Asian crude customers have struggled to find a way to replace the European insurers, which dominate the marine insurance sector, after the ban. As a result, Iran has seen its oil exports sharply fall from regular levels seen last year.
In May, Indian refiner MRPL secured coverage from an Iranian insurer, becoming the first Indian firm known to do so.
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