The renowned insurance group Lloyd's of London has announced it will restrict insurance coverage for petroleum shipments going into Iran. Earlier this month, President Barack Obama signed into law new U.S. sanctions aimed at depriving Iran of the resources to develop nuclear weapons by deterring certain foreign financial transactions and energy-related investments and trade with Iran.
The U.S. sanctions were put in place after the United Nations Security Council adopted Resolution 1929 imposing a fourth round of economic sanctions on Iran in response to its refusal to comply with its international obligations regarding its nuclear program.
Lloyd's General Counsel Sean McGovern told Reuters news agency that "Lloyd's will always comply with applicable sanctions."
The move by Lloyds follows similar pullbacks by a variety of private companies, including banks, oil firms and manufacturing corporations, which have stopped doing business with Iran.>>>
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