Tougher rules against Revolutionary Guard and banks
Lloyd's is restricting cover for any ships carrying petroleum to Iran to comply with new US ban, the FT reports.
"Lloyd's will always comply with applicable sanctions," said Sean McGovern, general counsel.
Companies that defy the ban could be barred from transactions with US banks and have their US assets frozen, as well as being denied US government contracts.
The sanctions target companies providing Iran with petroleum and the underwriters of those shipments, plus international banks that trade with Iran's Revolutionary Guard Corps, or with 16 blacklisted Iranian banks.
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