After US imposed further sanctions against Russia on 6th April, the inclusion of Rusal in this list, confused the aluminium trades, since Rusal is a major shipper of both raw and finished commodities. To clarify the situation the US issued two licenses for trading with Rusal.
Namely, the US Department of Treasury, Office of Foreign Assets Control (OFAC) issued two licences which allow parties to continue trading with Rusal until 23 October 2018, in order to be able to carry out their activities and contractual commitments.
Moreover, as the West of England Club informs, trade with entities who are only on the US Sectoral Sanctions Identification (SSI) list would not be breaching the latest US restrictions on trading with SDNs, provided that the trade does not involve a deceptive practice.
This means that if the operators that are carrying cargoes for entities on the SSI List describe properly their cargoes, ports, shippers and receivers then the transaction would not be classified as “significant”. For this reason, a thorough carriage documentation that will represent the correct parties of the transaction and the nature of the cargo, will be vital.
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For trade with parties other than Rusal who are on the SDN list, attempts are still being made to clarify more precisely the term “significant” transaction.
On April 6, the US Department of Treasury, Office of Foreign Assets Control (OFAC) announced further sanctions against Russia, with the designation of 7 Russian oligarchs and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a Russian bank.
