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Brussels - European Union governments will implement all EU sanctions relief for Iran covered by a landmark nuclear deal on 20 January, the day the agreement takes effect - including lifting a ban on insuring its oil, officials said on Monday.
Under the accord, the EU will suspend for six months a ban on insuring and transporting Iranian oil, as well as a trade ban affecting the country's petrochemicals, gold and other precious metals.
The accord will go into effect next Monday provided the International Atomic Energy Agency (IAEA), the UN nuclear watchdog, confirms Iran is carrying out its part of the deal, meaning curbing its most sensitive nuclear work.
Tanker fleet
"Everything the EU does goes into effect on 20 January," one EU official said.
Oil markets are watching the insurance provisions closely because Europe's Protection and Indemnity (P&I) clubs provide cover for most of the global oil tanker market.
The body whose members provide liability cover to 95% of the world's tanker fleet said it welcomed the move but would take a step-by-step approach to insuring Iranian energy cargoes again.
The deal also allows third-country purchases of Iranian oil to remain at current levels but does not envisage higher Iranian oil sales.
Agreement
"It will be a relatively limited and gradual approach," one specialist said.
The issue of providing cover is further complicated as a number of Iranian companies, including Tehran's top oil tanker group NITC, remain under sanctions.
The United States, which is a party to the accord alongside China, Russia, Britain, France and Germany, estimates that sanctions relief provided to Iran under the agreement should be worth around $7bn.
