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.
Iran’s foreign minister warned the US against using its navy in the Caribbean to disrupt Iranian fuel shipments to Venezuela.
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.
BIMCO’s Documentary Committee issued two charter party sanctions clauses to help owners and charterers manage due diligence policies and navigate an increasingly challenging environment of economic and trade sanctions imposed by governments.
On 9 December 2019 the US Treasury Department of Foreign Assets Control (OFAC) designated several individuals and entities to the Specially Designated Nationals (SDN) sanctions list under Executive Order 13818 (EO 13818). Under EO 13818, a former government official in Latvia and four companies owned or controlled by him were listed under the SDN list, which included Ventspils Freeport Authority.
WISTA Hellas conducted its Annual Forum on November 5, focusing on the sanctions that are being imposed today, the development of digitalization, as well as the role of women in shipping and the importance of boosting their presence in the sector.
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).
Reuters reports that approximately 300 oil tankers have been excluded form the shipping market because the shipping sector is afraid of breaching the US sanctions against Iran and Venezuela, even by accident. The 3% of the worldwide oil tanker fleet is out of the shipping market resulting to rates soaring to secure tankers to ship oil, particularly to Asia.
A Novatek official reported to Reuters that Novatek, the Russian liquefied natural gas (LNG) producer is looking to tranship its Yamal cargoes in Norway or Russia’s Murmansk, as the company is still unsure of its shipping activities, following the US’s sanctions on the Chinese COSCO tankers.
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.
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