Industry experts say the ship insurance ban has proved to be the hardest hitting in the West's arsenal of sanctions aiming to persuade Iran, which relies on oil for more than half its budget revenues, to abandon its nuclear program. Iran denies its nuclear program is aimed at making weapons.
The lack of shipping cover has already disrupted flows of Iranian oil to Tehran's major customers in Asia -- China, India, South Korea and Japan -- at a time when the EU has stopped buying its oil altogether.
The measures are costing Tehran over e3 billion a month as its crude exports are estimated to have halved to 1.1 million bpd in the past months.
Turkey cuts imports of Iran oil in bid to circumvent U.S. sanctions - Israel News | Haaretz Daily Newspaper
The measures are costing Tehran over e3 billion a month as its crude exports are estimated to have halved to 1.1 million bpd in the past months.
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