US Sanctions

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Singapore may arrest US sanctioned vessel

The Authorities of Singapore reported that they may arrest the Russian vessel that has been under US sanctions for violating economic sanctions imposed on North Korea, Interfax, a Russian news reported.

US blacklists six vessels for transmitting Venezuelan oil

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC)  blacklisted additional six vessels linked to Venezuelan PdVSA, with the latter having already been sanctioned. All vessels stated above, departed Venezuela for Cuba in the fall to deliver oil for the sanctioned Cuban trading firm Cubametales.

OFAC sanctions Cuban company for trading with Venezuela

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanction the Cuban company, Corporacion Panamericana S.A., pursuant to Executive Order (E.O.) 13850 for being owned or controlled by, or having acted for or on behalf of, Cubametales, an entity designated on July 3, 2019, for operating in the oil sector of the Venezuelan economy.  

US says no company is too big to avoid sanctions

In light of the US Sanctions to COSCO for alleged involvement in moving crude oil from Iran, David Peyman, deputy assistant secretary of state for counter threat finance and sanctions, commented that no company is too big to avoid sanctions if they conduct illegal operations.

US lifts sanctions against Turkey

In the wake of Turkey’s agreement to a ceasefire in Syria, the sanctions against Turkey were lifted on 23 October, and the two ministries and the three ministers have been removed from the Specially Designated Nationals List, according to data provided by law firm Freehill Hogan and Mahar.

Six carriers deployed to Yamal LNG no longer subject to US sanctions

Six ARC7 LNG carriers transporting gas from the Yamal LNG project, under a joint venture of Teekay LNG with China LNG, are no longer classified as a “Blocked Person” under US OFAC rules, according to an official statement by Bermudas-based Teekay Corporation. 

War risk/loss prevention trends and best practices

During the last SAFETY4SEA Athens Forum, Mr. Rod Lingard, the Club Manager of Hellenic Mutual War Risks Association (Bermuda) Limited, looked at key war risks trends, including sanctions and the recent advice from OFAC on sanctions compliance programmes; developments in the Arabian Gulf; the status of piracy in both the Gulf of Guinea and the Western Indian Ocean.

US imposes sanctions against Turkey

On 14 October 2019 the US issued an Executive Order (EO), imposing sanctions against the Turkish Ministry of Energy and Natural Resources and the Turkish Ministry of National Defence. Three government ministers have also been added to the US’s Specifically Designated National List (SDN List). 

European refiners boosted from US shipping sanctions

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.

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