EU’s Iran sanctions seen by insurer complicating trade

Bloomberg: Following are comments by the Standard Club, a provider of marine insurance, on the impact of new European Union sanctions against Iran approved this week.

Bloomberg

By Isaac Arnsdorf

Following are comments by the Standard Club, a provider of marine insurance, on the impact of new European Union sanctions against Iran approved this week.

The club commented in a statement on its website today.

“These regulations will make it more difficult for EU entities and individuals to do business with the listed entities. The practicalities of the prohibitions against the transport/supply of certain goods will become clearer with the anticipated publication of implementing regulation (s).

‘‘However, members should take stock of any trade with Iran/Iranian entities and consider in particular whether any cargoes may have dual uses. Members should also ensure that any cargoes destined for Iran are fully and accurately described in any contracts of carriage and that appropriate due diligence is carried out in relation to all contractual partners.’’