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.
Trump Administration recently imposed sanctions against Iran’s shipping network for allegedly carrying cargoes of weapons of mass destruction (WMD).
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.
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.
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.
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.
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.
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.
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- Maritime Health
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Maritime Autonomous Surface Ships initiative launched06/08/2020