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India, the third-biggest buyer of Iranian oil, will offer state-backed insurance to tankers, helping the nation’s biggest sea carrier to resume cargoes from Iran, which has faced an oil embargo by the West.

Shipping Corp. of India will soon start services to Iran as Indian insurers have agreed to give as much as $100 million of cover per voyage, Chairman Sabyasachi Hajara said without specifying a timeframe. Prior to the sanctions, European companies provided unlimited protection against risks including oil spills and collisions, he said.

The resumption of services will help Mangalore Refinery & Petrochemicals Ltd. (MRPL), India’s biggest buyer of Iranian crude, and other state processors secure supplies after European Union measures disrupted trade. The sanctions also affect shipments to China, Japan and South Korea as 95 percent of oil tankers are insured by the 13 members of London-based International Group of P&I Clubs.

“As far as India is concerned, we are bothered about our sovereign requirements,” Hajara said in a July 31 interview at the company’s Mumbai headquarters. “We took a pragmatic view.”

Dodging the dollar:

NEW DELHI (Reuters) - State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran.

South Africa’s Energy Minister Dipuo Peters has stressed his country’s determination to continue its crude oil imports from Iran, despite the US-engineered sanctions against Tehran.

The United States has imposed sanctions on banks in China and Iraq that the White House says are helping Iran evade international sanctions.

The new sanctions target China's Bank of Kunlun and Iraq's Elaf Islamic Bank in an attempt to further isolate Tehran over its controversial nuclear program, which the United States and other Western countries suspect is aimed at developing nuclear weapons.

In a statement, the White House said the latest wave of sanctions expose financial institutions that help "the increasingly desperate Iranian regime" to access the international financial system.

The United States on Thursday gave China and Singapore six-month reprieves from sanctions over importing Iranian oil.

---“According to the International Energy Agency (IEA), Iran's crude oil exports in 2011 were approximately 2.5 million barrels per day, and have dropped to roughly 1.5 million barrels per day, which in real terms means almost $8 billion in lost revenues every quarter,” she said. “When the European Union oil embargo goes into effect July 1, Iran's leaders will understand even more fully the urgency of the choice they face and the unity of the international community.”

Belgium, Britain, the Czech Republic, France, Germany, Greece, India, Malaysia, Italy, Japan, the Netherlands, Poland, South Africa, South Korea, Spain, Sri Lanka, Taiwan and Turkey earlier received waivers.

The latest waivers came as an American deadline arrived for banks to stop processing petroleum transactions with Tehran.

---"The administration likes to pat itself on the back for supposedly being strong on Iran sanctions," said Rep. Ileana Ros-Lehtinen, of Florida. "But actions speak louder than words, and today the administration has granted a free pass to Iran's biggest enabler, China, which purchases more Iranian crude than any other country."

From the same item:

"Their cumulative actions are a clear demonstration to Iran's government that Iran's continued violation of its international nuclear obligations carries an enormous economic cost," Clinton said in a statement.

Complete and utter bo**ocks, the only word for it.

For all our sakes, the sooner Iran gets nuclear arms the sooner this fiasco comes to an end.

What about the elephants nuclear arms, are they legitimate because they were developed outside of the NPT.
Make the ME a nuclear free zone as many have called for, at least then our opposition to Iran might have some merit.

Our governments refer to the 'international community', that is an misnomer. We may speak for the wealthiest part of the international community, we don't speak for the majority of the populous.

The wealthiest part is running out of fat because of its stupidity.
The road we are on has a dead end, marked wity a barrier, go through the barrier and over the cliff.

All our own work:

The battle over Iran is indeed taking on more than simply a nuclear threat option. It is pitting economies vs economies, and superpowers vs superpowers in a chess match for supremacy. As the West overleverages itself on devalued dollars, the resource rich nations are willing to move away from the reserve and petro-dollar currencies, and towards a new paradigm for trade.

Mind the cliff!


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