India is set to halt all crude imports from Iran because insurance companies in the country have said refineries processing the oil will no longer be covered due to western sanctions.
India is Iran’s second-largest buyer, taking around a quarter of its oil exports worth $1 billion a month. Europe and the United States last year introduced tough sanctions aimed at Iran’s oil trade to force Tehran to the negotiating table over its nuclear programme.
European industry sources say Indian insurers have been affected as reinsurers in both Europe and the US, who dominate the global market, are increasingly wary of the risk of falling foul of breaching sanctions.
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