A truck carrying Islamic Republic of Iran Shipping Lines (IRISL) containers arrives a depot in northern Singapore February 4, 2012. REUTERS/Thomas White
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Western insurers are slowly reaching deals with Iran as they seek to re-enter a multibillion-dollar market although the pace of business is hampered by banking restrictions 10 months on from the lifting of international sanctions. Shut out of international financial markets for years, Iran is still trying to reap the benefits of last year's nuclear deal with world powers.Western companies need insurance in order to resume business with Iran.As Iran has aimed to ramp up oil exports, securing marine insurance has been crucial.U.S. banks are forbidden to do business with Iran under domestic sanctions still in force. European banks also face problems, since transactions with Iran in dollars cannot be processed through the U.S. financial system.Despite this, European export credit agencies are guaranteeing trade finance for Western companies doing business with Iran.Other large insurers and reinsurers such as Hannover Re are looking closely at Iran, but say concerns about payments still prevent them from doing business there.
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