The Office of Foreign Assets Control (OFAC) has issued an advisory notice concerning the risks of transporting petroleum shipments to Syria. OFAC warns that such actions could breach U.S. sanctions.
Iranian President Hassan Rouhani made a threat earlier this week, to disrupt other countries’ oil shipments through the Gulf, in case the US proceeds with efforts to stop Iranian oil exports. Mr. Rouhani specifically said if the US decides to eventually prevent the export of Iran’s oil, ‘then no oil will be exported from the Persian Gulf’.
The Russian freighter ‘Sevastopol’, is stranded in the South Korean port of Busan for over a month. The ships has been blacklisted by the US, as its owner has allegedly violated the sanctions. According to reports, local oil companies are reluctant to supply the ship with fuel.
The London P&I Club reminded operators that both the European Union and US are applying trade sanctions against Syria. These include prohibitions on the transport of crude oil and petroleum products from Syria, as well as restrictions on Syria’s oil and gas and electricity generating industries amongst a number of other measures.
The US Department of the Treasury’s Office of Foreign Assets Control has identified nine targets in an international network through which Iran, working with Russian companies, provide barrels of oil to Syria. According to the US, a Syrian national and his Russia-based company delivered oil from Iran to Syria.
The Afghan Ministry of Transportation is considering to form the shipping sector, in order for ships to be able to conduct commercial activities flying the Afghanistan’s flag in free waters. The shipping line which will be shared with neighboring countries such as Iran and India, along with other countries of the region as well.
US Secretary of State Mike Pompeo has granted an exception to some US sanctions that will enable the India-led development of Chabahar port in Iran. This Port is considered as a corridor to advance Afghanistan’s economy. The waiver permits the construction of a railway line from Chabahar port to Afghanistan, as well as shipments to the latter of non-sanctionable goods.
The oil market is about to face a difficult few months, after the US imposed secondary sanctions on Iranian exports. This led Brent to over US$80 a barrel in October. However, currently there is enough supply to meet demand this winter, but the margin for error is little, Woodmac said.
The United States has granted temporary exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey allowing them to continue buying Iranian oil. More than 20 importing nations have zeroed out their imports of crude oil from Iran.
As the US has withdrawn from the JCPOA, it will impose additional extra territorial sanctions in relation to Iran, starting from 4 November 2018, the Swedish Club informed. One consequence of the new sanction is that banks are reluctant to make any payments related with Iran,
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