News

The world's largest insurance market said it would comply with sanctions signed by US President Barack Obama last week. These aim to limit the Islamic Republic's fuel imports and increase its international isolation.

The move is a further blow to Iran's economy with a number of oil companies, trading houses and other international businesses already complying with the US sanctions.

Sean McGovern, Lloyd's general counsel, said: "The US is an important market for Lloyd's... Lloyd's will always comply with applicable sanctions."