Major Chinese ship insurer China P&I Club said it will halt indemnity coverage for tanker ships carrying Iranian oil from July, Reuters reported Thursday, citing officials at the company.
The move narrows insurance options for shipments of Iranian oil already constricted by payment barriers set by Western sanctions. The company did not want to stand alone in the market after other insurers in Japan and Europe decided to ban or limit their own coverage of tankers operating in Iran, the officials said.
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