TEHRAN (Tasnim) – Managing director of the Islamic Republic of Iran Shipping Lines (IRISL) said the plot aimed at crippling Iran’s foreign trade through imposing different sanctions has been ineffective.
He noted that after international insurance companies left the Islamic Republic due to the embargos, protection and indemnity (P&I) insurance was introduced in the country with government backing and, as a result, there are now strong independent insurers in Iran.
In 2012, the United States and the European Union imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil or extending insurance coverage for tankers carrying Iranian crude.
The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.
Iran rejects the allegation, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.