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Saudi-backed Gulf shipping line UASC resumes business with Iran

Commercial considerations are more important than political difficulties, says a source close to the company

Published Thu, Jan 21, 2016 · 09:50 PM
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London

UNITED Arab Shipping Company (UASC) is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders.

A nuclear deal between world powers and Iran led to the removal on Jan 16 of international oil export prohibitions as well as restrictions on banking, insurance and shipping.

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Shipping

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