An Iranian supertanker, identified as Honey, arrived at the Venezuelan port of Jose Terminal, carrying 2 million barrels of natural gas liquid (NGL).
Daniel A. Tadros, J.D., Chief Legal Officer for the Managers of the American P&I Club, reviews the latest developments in the area of sanctions and compliance that all vessel operators need to be aware of as they emerge from lockdown and return to business as usual.
According to Reuters, Venezuela’s refineries have almost halted operations because of underinvestment while U.S. sanctions meant to force the ruling Socialist Party from power have severely restricted fuel imports.
The US is pressuring shipping companies, insurers, certifiers and flag states that register vessels, according to Washington’s special envoy on Venezuela, Elliott Abrams, in an interview with Reuters.
US Ambassador to Greece Geoffrey Pyatt, announced the reversal of the actions in a Tweet citing recent statements and actions by the Greek shipowners to sever ties with Venezuela.
Brazil’s Petroleo Brasileiro SA informed shippers that it will not hire any tankers that have visited Venezuela the past 12 months, being in line with U.S. sanctions on the Latin American nation.
Trump Administration recently imposed sanctions against Iran’s shipping network for allegedly carrying cargoes of weapons of mass destruction (WMD).
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four companies for operating in the oil sector of the Venezuelan economy. OFAC lalso identified four vessels as blocked property.
Following an increase in sanctions throughout the whole shipping industry, the American Club issued a guide called “Economic Sanctions – Compliance Guidance”, providing guidance so that the industry can comply with the laws and sanctions.
Iran’s foreign minister warned the US against using its navy in the Caribbean to disrupt Iranian fuel shipments to Venezuela.
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