Amid pressure mounting on Tehran, a major Indian company, United India Insurance Co., has agreed to provide insurance for tankers carrying oil from Iran. Insurances are vital for sea transportation. Without insurance, tankers are unable to deliver oil from one destination to another.
The decision of an Indian company means a serious blow to the effectiveness of the US sanctions against Iran in a bid to crank up the pressure over the country's nuclear activities. The sanctions target companies accused of breaching a European ban on buying oil from Tehran..... MORE