The United Kingdom, France, and Germany have initiated a 30-day process to re-implement United Nations sanctions against Iran. This action, includes restrictions on oil exports, financial transactions, and maritime transport.
These sanctions were originally suspended under the 2015 nuclear deal, and their re-implementation is a response to Iran’s increased uranium enrichment activities. This move is creating significant uncertainty in tanker markets.
According to the experts for a long time, Iran’s oil exports have been carried out by a ‘ghost fleet’ of aging and difficult-to-track tankers. However, with the sanctions back in force, this trade will be considered completely illegal under international law.
Insurance companies, financial institutions, and port authorities will also be pressured to distance themselves from Iran-related shipping. Europe’s decision is seen as a continuation of the increasing sanctions against Iran since Donald Trump’s return to office in the US in January.
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