By Jiji
The government is considering legislation that will allow it to effectively reinsure tankers carrying crude oil from Iran to Japan, sources said.
The legislation, if enacted, will allow Japan to continue importing oil from Iran even after the European Union bans the region’s insurers from underwriting reinsurance covering tankers carrying Iranian oil as new sanctions against the Middle Eastern country’s nuclear program come into force, the sources said.
Tankers are required to have insurance to cover costs stemming from accidents such as oil leaks and collisions.
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