Azerbaijan, Baku, July 14/Trend M. Moezzi
The Iranian Export Guarantee Fund is offering insurance coverage for exporters' and importers' money transfers and has paid for losses up to now.
Kazem Doust-Hosseini, who is the managing director of the Fund, said the coverage isn't new but has attracted attention given the international sanctions imposed against Iran. Doust Hosseini said foreign buyers' refusal or problems with returning funds to the country are among the issues that manufacturers and exporters face in other countries.
The Export Guarantee Fund will use official channels for transferring money. It works with 56 countries.
Doust-Hosseini said requests for insurance in the petrochemical sector are mostly in Europe.
Insurance coverage for pistachios and carpets has also increased.
The remaining requests for insurance coverage deal with Asia, Africa and Latin America.
All efforts led by the U.S. and its allies to make Iran provide answers about its nuclear programme, international sanctions have made it practically impossible for Iran to conduct international banking transactions.
Starting on July 1, the European Union banned buying Iran's oil and European companies, who insure almost all of the world's oil tankers, stopped insuring those vessels carrying Iranian oil.