West of England, the largest protection and indemnity insurer of Iranian tonnage, has withdrawn cover from its Iranian members.
The decision was taken on 7 August following the start of a 90-day phase-in period for US secondary sanctions on Iran.
The mutual insurer, which included National Iranian Tanker Co (NITC) and Islamic Republic of Iran Shipping Lines among its members, joins fellow International Group clubs in biting the bullet in the face of potentially catastrophic financial penalties from the US if they break the sanctions.
