Saturday , 1 October 2016
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UASC returns to Iran

Shipping line United Arab Shipping Company (UASC) has announced that it started accepting shipments to and from Iran following the news that non-US citizens and companies are now allowed to trade with the country.

UASC’s statement follows the U.S. Treasury Department’s recent announcement that non-Americans are now allowed to do business with Iran in sectors including banking, steel and shipping, as international sanctions were lifted as part of a nuclear deal.

The shipping line reportedly stated that the ability to accept cargo volumes to and from Iran will continue to be based on its internal compliance check in line with international laws, as a number of sanctions on Iran are still in place.

The carrier’s announcement came amid political tensions between the latter and Saudi Arabia, which jointly owns the carrier with Iraq, Bahrain, Kuwait, Qatar and United Arab Emirates (UAE).

According to news agency Reuters, Saudi Arabia has “grave reservations” about the lifting of sanctions on Iran.

Tensions between Iran and Saudi Arabia recently increased since the latter’s Tehran embassy was attacked following Sunni Muslim Saudi Arabia’s execution of the prominent Shia cleric Sheikh Nimr al-Nimr.

In 2012, UASC announced the suspension of all services to and from Iran due to the implementation of US, UN and EU sanctions against the country.

The Mediterranean Shipping Company (MSC) has already begun trading with Iran following the nuclear deal.