Tag: Sanctions

The American P&I Club has issued a guidance entitled Economic Sanctions – Compliance Guidance, providing information on sanctions related matters and general industry-related information published by US, EU and other authorities.

The Ukrainian authorities have announced that any foreign seafarer who sails on a vessel to a port in Crimea cannot visit Ukraine for the following three years, even if then serving on a different vessel and which has not itself called at Crimean ports.

Under Republic of the Marshall Islands law, Marshall Islands registered vessels are not currently prohibited from calling in any country. However, because the Marshall Islands registered fleet is provided technical and administrative assistance by IRI and its global network of subsidiaries, the Administrator in practice adheres to trade restrictions outside of those in place in the Marshall Islands.

The EU has consolidated all of its recent measures against Libya into a single new Regulation 2016/44, published on 18 January 2016.

With container traffic in slowdown in most areas of the world, the lifting of Iranian sanctions does at least offer a ray of hope to carriers

The West of England P&I Club issued an article regarding sanctions in respect of Ukraine and Russia

The EU has now issued the anticipated implementing regulation The EU has now issued the anticipated implementing regulation (No 267/2012) envisaged in its Council Decision 2012/35/CFRSP of 23 January 2012. The regulation is effective from 24 January 2012, and applies directly within the EU without the need for further implementing legislation. It updates some existing restrictive measures against Iran and imposes the anticipated ban against Iranian crude oil and petroleum and petrochemical products.ApplicationThe regulation applies:(a) within the territory of the Union, including its airspace;(b) on board any aircraft or any vessel under the jurisdiction of a Member State;(c) to any person inside or outside the territory of the Union who is a national of a Member State;(d) to any legal person, entity or body, inside or outside the territory of the Union, which is incorporated or constituted under the law of a Member State;(e) to any legal person, entity or body in respect of any business done in whole or in part within the Union.It also includes prohibitions against attempts to participate, knowingly and intentionally, in activities the object or effect of which is to circumvent the measures in the regulation.General trade restrictions on exports and importsThe regulation does not ...

Indian oil buyers are asking Iran to bear the insurance risk for transporting its crude Indian oil buyers are asking Iran to bear the insurance risk for transporting its crude as tighter Western sanctions make it more difficult to buy Tehran's principal export, industry sources said on Wednesday.The number of maritime firms willing to transport Iranian crude has dwindled significantly since the European Union announced in January it would proceed with an oil embargo, leaving Asian oil buyers to rely more on Iranian-owned tankers.With Indian shipping firms uncertain whether they can continue transporting Iranian oil, state-run Indian Oil Corp and Hindustan Petroleum Corp have written to the National Iran Oil Corp (NIOC) asking the company to take on the insurance risk for their crude shipments, two industry sources said.NIOC has indicated it may consider the request on a case-by-case basis, the sources said.The United States has also imposed tougher sanctions against Iran for its disputed nuclear programme, prompting Japan and 10 EU nations to significantly cut purchases of Iranian crude oil in order to win exemptions.Washington, however, has left Iran's top customers China and India exposed to the possibility of such steps.The EU agreed to an oil embargo on Jan. ...

Tougher sanctions are putting the squeeze on major Iranian commercial institutions Iran's seaborne trade is withering as sanctions are stepped up against the Islamic Republic, freezing bank finance and deterring many international trade and shipping companies from getting involved in deals, industry sources say.Much of Iran's imports, including food and consumer goods, are transported by sea via container and bulker ships. Oil tankers are used to ferry the country's vital crude oil exports.But U.S. financial sanctions imposed since the beginning of this year to punish Tehran over its nuclear program are playing havoc with Iran's ability to buy imports and receive payment for its oil exports."Tougher sanctions are putting the squeeze on major Iranian commercial institutions," said Alan Fraser of security firm AKE."The net is closing in, and companies will be forced to take ever more elaborate measures to evade scrutiny. Iran's national shipping fleet is coming under ever more pressure as many states attempt to monitor its cargoes, while the role of the central bank as a middle man is becoming increasingly redundant in business transactions," he added.Ship industry players say the move last month by the European Union to embargo imports of Iranian oil was already having an ...

Iran renamed 90 cargo ships in its container line In an effort to avoid sanctions, Iran renamed 90 cargo ships in its container line, which enables the country to circumvent sanctions on arms sales and the movement of nuclear equipment, The Jerusalem Post reported.One of the authors of the report, published by the Stockholm International Peace Research Institute, likened Iran's tactics to shuffling a deck of cards in a Las Vegas casino."There is a constant game of cat and mouse being played," Hugh Griffiths, a co-author of the two-year report said, according to the paper. "And the renaming and re-flagging of vessels of different states is a way of trying to avoid inspection because of sanctions."The report said the Islamic Republic of Iran Shipping Line, once the 23rd largest container line in the world, has renamed 90 out of its 123-ship fleet and re-flagged additional ships, the paper reported.The Post reported instances where the Israeli Navy caught Iranian arms ships transporting weapons in the volatile area and sought assistance from Western countries to help stanch the smuggling.Tension has been building over Iran's nuclear program. The West is imposing new sanctions, charging that Iran is building nuclear weapons. Iran denies that ...