US Sanctions

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Wind down period for Iran metals sanction ends

As the Shipowners’ Club informs, President Trump issued Executive Order 13871 (the Order) of 8 May 2019 ‘Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran’. The Order included a 90-day wind-down period, enabling those persons engaged in transactions to take necessary steps to avoid exposure to sanctions.

US reintroduces South China Sea and East China Sea Sanctions Act

US Senators Marco Rubio and Ben Cardin reintroduced the South China Sea and East China Sea Sanctions Act. This is a bipartisan bill to impose sanctions against Chinese individuals and entities that take part ‘in Beijing’s illegitimate activities to aggressively assert its expansive maritime and territorial claims in these disputed regions.’

US publishes framework for OFAC compliance

On May 2, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments in order to provide organizations subject to US jurisdiction, as well as foreign entities that carry out business in or with the US or US persons, or that use US-origin goods or services, with a framework on the necessary components of the sanctions compliance programs.

UK Club informs on General Licences concerning business with PdVSA

UK P&I Club issued a circular concerning the Venezuelan Sanctions the US imposed to PDVSA on January. The Club addressed that PDVSA has been made a target of the US. In the meantime, a number of General Licences have been issued with authorisations of varying duration to allow U.S. citizens to wind down existing business with PdVSA or its subsidiaries.

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