US sanctions strong disincentive for Iranian cover despite lifting of EU restrictions

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On 16 January, known as "implementation day", the vast majority of Iran-related EU sanctions and US secondary sanctions - those that target the conduct of non-US persons, including London-based insurers - were lifted. US primary sanctions - those targeting US persons - remain in place subject to two licences, one of which authorises UK-based subsidiaries of US insurance groups to write Iran-related business subject to certain criteria. In a survey of London market insurance professionals, pub