The Lloyd’s of London market said that as of Monday its managing agents can offer insurance and reinsurance to Iran for the oil and petroleum transportation, following the lifting of sanctions.

It should be noted however that restrictions on US trade remain in place.

“From an EU perspective…the transport of Iranian oil and petroleum products and the provision of (re)insurance, including protection and indemnity (P&I) insurance, are permissible (amongst other products in the oil, gas and petrochemical sectors),” said Sean McGovern, chief risk officer & general counsel at Lloyd’s.

“The US has also lifted sanctions on Iran regarding the oil and shipping sectors, although principally this relief targets non-US persons conducting business with Iran. With a few exceptions, the general US trade embargo on Iran remains in place and US persons remain prohibited from conducting most business with Iran,” McGovern added.