Iran’s deputy oil minister said on Saturday that oil cooperation between Iran and Germany’s Deutsche Bank has resumed.
According to Amirhossein Zamaninia, negotiations are being held also with other major European banks and their collaboration with Iran is expected to gain momentum in the next few weeks, IRNA reported.
"Financial transactions with Deutsche Bank started a few days ago over a number of oil deals," he said, noting that plans are in place to develop banking ties with several high-profile European financial institutions.
According to Zamaninia, European insurers now have no problems insuring Iranian oil tankers.
Protection and Indemnity (P&I) clubs—marine insurers owned by shipping firms—have started to provide cover for Iran’s shipping fleet, including its oil tankers.