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UK regulators publish new standards for maritime trade

The UK Office of Financial Sanctions Implementation (OFSI) issued a report that provides guidance on financial sanctions for those involved in areas that may be subject to UK financial sanctions restrictions, including the handling of goods.

Consequences of violating sanctions

As the sanctions are on a rise, shipowners and operators have to be careful if they do not want to experience the consequences of sanctions, which vary from insurance, designation to impact on reputation.

North P&I Club issues guide for sanctions

Recently, the North P&I Club issued its revised guide on evaluating the risk of sanctions, focusing on the application and scope of the U.S. and EU sanctions, in regards to their jurisdiction over companies; whether other sanctions apply to trading partners- such as banks, insurers or reinsurers or whether there are there any “party” related sanctions which impact on the ability to complete the contemplated trade, among other issues.

IGPI issues its Annual Review

The International Group of P&I Clubs has published its Annual Review which provides an overview of the Group, key activities and areas of engagement.

US targets Nordstream 2 and Turkstream pipelines for sanctions

The National Defence Authorisation Act for Fiscal Year 2020 (NDAA 2020) was signed by President Trump on December 2019, and includes several sanction-related measures mostly targeting specific European energy programmes in which Russia participates in.

EU imposes sanctions against Turkey

The EU Council decided, on November 11, to implement a framework for sanctions against natural and legal people who are involved in offshore drilling activities in the Eastern Mediterranean within Cypriot territorial waters.

European refiners boosted from US shipping sanctions

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.

maritime events