RSS Feed
May 9th, 2012 
FAKE NEWS for the Zionist agenda “Britain will be pushing the EU to postpone the ban on PI insurance by six months,” Reuters quoted a diplomatic source as saying.
“The main reason is pressure from Japan and South Korea as they would struggle to buy oil after July 1,” the source added.
China, India, Japan and South Korea are four major Asian importers of Iran’s crude which is the second biggest oil producer in the world.
Iranian crude accounted for 8.8 percent of the total Japanese oil imports in 2011, while South Korea imports around 10 percent of its crude from Iran.
On January 23, the European Union approved new sanctions against Iran which ban member states from buying Iranian crude or conducting business with its central bank in an effort to pressure Tehran to abandon its nuclear energy program.
The sanctions, due to be implemented in July, will also prohibit EU insurers and reinsurers from underwriting all ships carrying Iranian oil.
The International Group of PI Clubs, which covers 95 percent of the global tanker insurance against pollution and personal injury claims, said in February that the ban would deprive British firms of the lucrative Iranian market while suggesting the embargo would have long-term consequences for London’s insurance revenues.
MYA/AZ/HGH
Posted in 
Tags: 
