Lloyds will not insure Iran fuel imports

LLOYD'S of London will not insure or reinsure petroleum shipments going into Iran, the insurance market said yesterday, in another blow to the Islamic Republic from wide-ranging US sanctions.

US President Barack Obama last week signed new sanctions into law that aim to squeeze Iran's fuel imports and increase its international isolation.

Sean McGovern, Lloyd's general counsel, said: "The US is an important market for Lloyd's and, in recognition of this, the market will not insure or reinsure refined petroleum going into Iran. Lloyd's will always comply with applicable sanctions."

Iran is the world's fifth largest crude oil exporter but previous US sanctions mean that it has suffered from a lack of investment in refineries, forcing the country to import some 40 per cent of its petrol needs.