At a congressional hearing in December, Representative Zach Nunn, an Iowa Republican, pressed a U.S. Treasury Department official about American Club’s outsize role in insuring ships suspected of carrying Iranian oil. “What have you done to hold them accountable?” Nunn asked. Credit: Nick Kashenko/Shutterstock.com At a congressional hearing in December, Representative Zach Nunn, an Iowa Republican, pressed a U.S. Treasury Department official about American Club’s outsize role in insuring ships suspected of carrying Iranian oil. “What have you done to hold them accountable?” Nunn asked. Credit: Nick Kashenko/Shutterstock.com

(Bloomberg) — Last June, a rusting tanker named Sincere 02 picked up oil at an Iranian port and steamed across the Persian Gulf on its way to the United Arab Emirates.

U.S. sanctions forbid Western companies from knowingly doing business with Iran. But for the next seven months, long after an advocacy group publicized Sincere 02’s voyage, the ship continued to carry proof of insurance from a surprising place: New York City.

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