India not halting insurance cover on exports to Iran

(Reuters, New Delhi, 24 February 2012) - India' export guarantee agency has not stopped giving insurance cover to shipments to Iran and has only tightened criteria as part of a more cautious approach, official sources said on Friday, as western sanctions make trade with Tehran tougher. New Delhi has come up with elaborate trade and barter arrangements to pay for oil supplies and India's ECGC will be reviewing its underwriting policy on Iran. India is Iran's second largest oil customer after China and has announced plans to strengthen economic and trade cooperation with Tehran by sending a very big delegation of businessmen and exporters to Iran in March.