Azerbaijan, Baku, Jul.14/ Trend F.Milad/
Head of the Iranian Central Insurance Company Mohammad Karimi has announced that the conditions are prepared for foreign insurance firms to open branches in Iran.
Mohammad Karimi told the IRNA News Agency that foreign companies can establish branches in Iran. He also said that Iranian insurance companies are allowed to set up branches abroad.
On July 9, Karimi told the IRNA News Agency that the decision has been made to deal with international sanctions against the Islamic Republic's oil sector.
The Iranian Central Insurance Company has announced readiness to cover foreign oil tankers which are destined for Iranian ports, he added.
The EU put into effect a ban on the importation, purchase, or shipping of Iranian oil on July 1, and the Islamic Republic will see its oil exports fall by more than 50 percent this month from last year's regular levels, costing it billions of dollars a month in revenue.
The EU oil embargo has stopped European insurers, who dominate the maritime sector, from offering cover on Iranian crude.
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