Tag: 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.

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.

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.