An oil tanker from India has been forced to cancel a planned shipment from the Iran in an early sign of the potential impact of the new sanctions on the Middle Eastern nation, according to Reuters.
The U.S. and Europe have both announced new sanctions against Iran for its continued pursuit of a nuclear program many in the West believe could be put toward developing weapons.
The E.U. intends to cut off all imports from Iran in the coming months, but it also announced new restrictions preventing insurers from covering any contracts made with Iran after a January 23 deadline.
Refining company Indian Oil Corp., however, purchased oil on the spot market from National Iran Oil Co. after the deadline, which it intended to come in addition to its normal shipment of 30,000 barrels per day. However, the new rules then prevented the European insurer that normally covered the oil ship from providing the necessary insurance.
Now, the Indian government is forced to consider providing the insurance its oil tankers cannot find abroad.
The National Post notes that the sanctions on Iran have had an increasingly notable impact on Iranian finances in recent weeks, with other countries pushed to stop dealing with Iran's oil money.
The U.S. and Europe have both announced new sanctions against Iran for its continued pursuit of a nuclear program many in the West believe could be put toward developing weapons.
The E.U. intends to cut off all imports from Iran in the coming months, but it also announced new restrictions preventing insurers from covering any contracts made with Iran after a January 23 deadline.
Refining company Indian Oil Corp., however, purchased oil on the spot market from National Iran Oil Co. after the deadline, which it intended to come in addition to its normal shipment of 30,000 barrels per day. However, the new rules then prevented the European insurer that normally covered the oil ship from providing the necessary insurance.
Now, the Indian government is forced to consider providing the insurance its oil tankers cannot find abroad.
The National Post notes that the sanctions on Iran have had an increasingly notable impact on Iranian finances in recent weeks, with other countries pushed to stop dealing with Iran's oil money.