After the US imposed sanctions on subsidiaries of Cosco, European refiners have received an unexpected boost, as less crude oil from the North Sea and West Africa heads east, Reuters reports. What is more freight rates have risen as oil producers seek non-blacklisted vessels.
Panama Maritime Authority issued a Merchant Marine Notice to inform all those vessels of Panamanian Registry that deliberately turning off the Long Range Identification and Tracking Equipment (LRIT) or the Automatic Identification System (AIS) will be issued with sanctions.
On May 3, 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments, which sets out OFAC’s views of the necessary elements of an effective economic sanctions compliance program.
As the Shipowners’ Club informs, President Trump issued Executive Order 13871 (the Order) of 8 May 2019 ‘Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran’. The Order included a 90-day wind-down period, enabling those persons engaged in transactions to take necessary steps to avoid exposure to sanctions.
The Grace 1, the Iranian VLCC that was seized by British armed forces off Gibraltar on July 4, has now departed the UK sovereign territory on August 19, heading east across the Mediterranean. The vessel was part of a diplomatic issue, as it was accused of transporting oil for Syria.
UK’s Prime Minister Theresa May will meet with Gibraltar’s Chief Minister Fabian Picardo on July 17, aiming to discuss the detained Iranian oil tanker Grace 1. In addition to the tanker, Ms. May and Mr. Picardo will also discuss Brexit. British Royal Marines captured the oil tanker in Gibraltar on June 27, after being accused of bringing oil to Syria, thus breaching EU sanctions.
An Israeli NGO asked a court in Gibraltar to seize and sell the Iranian-controlled tanker Grace 1 to please a US court judgement. The vessel was seized on July 4 by the UK Royal Marines while passing near Gibraltar.
The Iranian supertanker ‘Grace 1’, that was seized by Royal Marines near Gibraltar over suspected breach of EU sanctions earlier in July, could be released if the UK is guaranteed the oil is not bound for Syria, said UK Foreign Secretary, Jeremy Hunt.
Amid an ongoing diplomatic tension globally, Panama said it will withdraw its flag from vessels that violate sanctions and international legislation, the Panama Maritime Authority told Reuters. This comes following removal of about 60 ships linked to Iran and Syria from the Panamanian registry in recent months.
The Royal Gibraltar Police has arrested the Indian Captain and Chief Officer of the Iranian tanker ‘Grace 1’, a few days after the ship was seized suspected of breaching EU sanctions by shipping oil to Syria. This followed an examination of documents and electronic devices onboard.
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