While the industry still await the EU Council Regulation that will implement the oil import, purchase and transport ban, this is expected shortly and it is hoped will add some clarity to the Council Decision 2012/35. In the meantime, the International Group has put together a useful list of FAQs which interim provide advice on the complex issues these sanctions raise. To view the FAQs, please click here.
Attention should be drawn in particular to questions 9 and 10 which deal with the impact of the sanctions on P & I cover and renewal from 20 February 2012.
Operators are advised to liaise with their P & I providers and to seek specialist legal advice if contemplating any trade involving Iran.
Source : IG P&I Clubs
