India plans to join Japan and offer state-backed insurance to oil tankers so that they can get...

|By:, SA News Editor

India plans to join Japan and offer state-backed insurance to oil tankers so that they can get round EU and U.S. sanctions and transport oil from Iran. The sanctions are costing the Persian nation $133M a day in lost sales, with oil shipments sinking 52% to 1.2M bpd since new measures took effect on July 1.