Iran has come up with several methods to foil the European insurance embargo on ships loaded with its crude, a sanction which may harm its vital exports as much as the E.U. oil embargo itself, Agence France Presse
reported Tuesday, July 10. China and India, two major buyers, have accepted an Iranian offer to transport the crude with its own fleet under all-Iranian insurance. Additionally, Iran has announced plans to quickly expand its onshore storage capacity, which has been saturated, including by subcontracting to private firms. Tehran has also ordered 12 new supertankers from China and should receive the first in December. Iranian insurance companies now provide insurance for the National Iranian Tanker Company (NITC) ships and have also offered to cover foreign tankers. “But these solutions do not solve the problem in the short term,” said an expert familiar with the situation.