Baku, Azerbaijan, Nov. 25
By Umid Niayesh - Trend:
EU sanctions on Iranian oil shipping insurance have been lifted after the nuclear deal between Iran and six world powers, member of Iran's Chamber of Commerce, Industry and Mines, Masoud Daneshmand said, IRNA news agency reported on Nov. 25.
Previously, Iranian and international shipping companies were unable to carry Iran's oil due to sanctions, he added.
Iran and six world powers reached a breakthrough deal early on Sunday on
Tehran's nuclear programme. The two sides have signed a joint plan of action. The deal signed in Geneva suggests some softening on sanctions against Iran.
Insurance on oil shipments are included in the agreement.
After the deal, the US released some $8 billion of Iran's blocked assets, spokesman for Iran's administration, Mohammad-Baqer Nobakht said On Nov. 25.
The U.S. and its Western allies suspect Iran of developing nuclear weapons, something Iran denies. The Islamic Republic has on numerous occasions stated that it does not seek to develop nuclear weapons but is using nuclear energy for medical research instead.