In light of the US Sanctions to COSCO for alleged involvement in moving crude oil from Iran, David Peyman, deputy assistant secretary of state for counter threat finance and sanctions, commented that no company is too big to avoid sanctions if they conduct illegal operations.
Six ARC7 LNG carriers transporting gas from the Yamal LNG project, under a joint venture of Teekay LNG with China LNG, are no longer classified as a “Blocked Person” under US OFAC rules, according to an official statement by Bermudas-based Teekay Corporation.
A supertanker by COSCO Shipping Tankers has received a temporary waiver from US sanctions. The ship is now able to discharge crude oil cargoes. In fact, the VLCC Coswisdom Lake, which discharged some crude in Singapore last week, offloaded the rest of its oil at Brunei on October 16, Reuters said citing shipping data on Refinitiv Eikon.
The White House alerts Chinese shipping companies of not turning off their AIS, hiding Iranian oil shipments in violation of US sanctions, Reuters reports, while vessels navigating with their AIS shut down could be a danger to the overall navigation, posing a great threat to the other vessels sailing around them.
The recent developments see OFAC, the US Office of Foreign Assets Control, imposing sanctions on COSCO tankers and certain entities and individuals for transferring Iranian oil, which is against the US rules. Thus, OFAC has further explained who these sanctions impact and how the shipping industry is affected.
Reuters reports that almost a third of the tankers owned by COSCO Shipping Tanker have shut off their AIS systems after the U.S. imposed sanctions on the company for reportedly shipping Iranian crude. In the first week of October, a total of 14 COSCO Dalian ships, including nine VLCCs, have shut off their ship-tracking transponders and have stopped sending location data from their automatic identification system.
Following OFAC’s decision on issuing sanctions against COSCO companies, many were those affected, as well as the US-listed Teekay Group that has been qualified as a ‘blocked person’.
US’s Department of Treasury Office of Foreign Assets Control (OFAC) imposed six sanctions on six Chinese companies, amongst them COSCO, for transporting oil from Iran in defiance of sanctions set in place in November 2018. Sanctioned COSCO affects the shipping industry and those oil companies and traders who have entered agreements.
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