Azerbaijan, Baku, Jul.8/ Trend F.Milad/
Kish Protection and Indemnity Club of Iran has said that there is no problem in insuring oil tankers by domestic insurers.
The Kish P & I managing director Mohammad-Reza Mohammadi-Banaii added that 13 new oil tankers will be insured in the near future, according to the Fars News Agency.
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.
Around 90 percent of the world's tanker fleet is covered by Western-based protection and indemnity (P&I) clubs .
The Kish P & I has been formed by group of Iranian Owners at Southern Island of Kish which is situated in Persian Gulf.