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S. Korea seen to stop Iranian oil imports over insurance
- Iran: Sunday, April 14 - 2013 at 01:04
The broadening of Western sanctions to refineries by insurers could make South Korea the second major buyer of Iran's crude to face a halt in imports from the Islamic Republic, Reuters has reported, citing people involved with the matter. Hyundai Oilbank, one of South Korea's two refiners of Iranian crude, struggled to find reinsurers willing to renew its coverage late last year, a person with direct knowledge of the matter said. "Even if the reinsurers get a higher premium for covering Iranian crude, the policy is forbidden," the person said, adding that the world's two biggest reinsurers, Munich Re and Swiss Re, did not want to cover Iranian crude for fear of breaching the sanctions.
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