India taking steps to avert disruption to Iranian oil imports

 

India’s Oil Ministry is adopting measures to provide insurance coverage for tankers transferring crude oil from Iran, in an attempt to prevent the US-engineered EU sanctions from disrupting Iranian oil shipments to the Asian country, Press TV reports

"We are providing for the contingency. We are taking all steps to ensure supplies are not hit," Indian Oil Secretary G.C. Chaturvedi told reporters on Friday.

Insurers inside the European Union, a major provider of reinsurance, will likely be prohibited from covering liabilities relating to Iranian crude oil as of July as a part of the US-engineered EU sanctions on Iran.

On January 23, under pressure from the United States, the European Union foreign ministers approved new sanctions against Tehran. The sanctions are meant to prevent member states from buying Iranian crude or doing business with its central bank. The sanctions will come into force as of July 1.