Bloomberg News

Iran Sanctions by EU Seen Allowing Ship Fuel by Insurer

January 31, 2013

The latest European Union sanctions against Iran allow ships to burn fuel made from Iranian oil if it’s produced and loaded in another country, according to the insurers of 90 percent of the world’s fleet.

The 27-nation bloc added restrictions on trade with the Persian Gulf country on Oct. 15. The International Group of P&I Clubs commented in a statement on its website dated Jan. 29.

“It would seem that ships stemming bunkers that contain a blend of Iranian-origin crude oil will not be caught by the prohibitions (providing the bunker oil is used for the propulsion of the ship and not carried as cargo) on purchase, transport or import of Iranian-origin crude oil in Regulation 267, provided also that the blended bunkers were produced and stemmed in a third country other than Iran, or, as a result of a force majeure event, the bunkers were stemmed in a port of refuge in Iran.”

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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