NCRI – The Iranian regime’s biggest crude oil tanker operator NITC said on Friday its ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union, Reuters reported on Friday.
The privately owned group said its four P&I clubs had declined to renew cover for the 2011/2012 policy year, Reuters said.
According to the news agency, Andrew Bardot, executive officer with the International Group of P&I Clubs, told Reuters while he was not privy to the specific negotiations he said that the clubs concerned had been liaising closely with NITC and with the UK Treasury “regarding the sanctions applicable to NITC's insurance arrangements.”
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