Two European insurers have withdrawn cover for tankers involved in the Iranian oil trade, the first such move since tough new sanctions were imposed in July [1], documents obtained by Reuters show.

The tankers, operated by Hong Kong’s Titan Petrochemicals Group Ltd., were used to store Iranian oil for top oil trader Vitol and little known shipping firm Glammarine, Reuters reported previously.

While the European Union sanctions [2] bar Western-based insurers from covering tankers that carry, rather than store, Iranian oil, the documents show the insurers were not prepared to risk falling foul of the curbs.