US Sanctions

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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.

US increases sanctions against Venezuela

On 5th August, President Trump issued Executive Order 13884, reinforcing sanctions against Venezuela. The order targets the government of Venezuela and blocks all its assets and property in the US, while prohibiting the Venezuelan government to use the US financial system.

RMI will not provide services to vessels linked to PdVSA

The Republic of the Marshall Islands (RMI) issued an advisory informing that the US has designated Petróleos de Venezuela, S.A. (PdVSA) as a Specially Designated National and Blocked Person (SDN) and therefore RMI will be unable to provide services to vessels linked to PdVSA.

US updates guidance on North Korea sanctions

The US Department of the Treasury’s OFAC, the US Department of State and the US Coast Guard, updated information on North Korean sanctions, providing additional guidance on how to mitigate the risk of involvement in North Korea’s deceptive shipping practices. 

US warns against shipping petroleum to Syria

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) updated its Advisory to the maritime petroleum shipping community, to highlight risks associated with shipments to Syria. This advisory updates a previous one on 20 November 2018.

Further traffic restrictions at Venezuelan ports

Global Pandi published updates on further restrictions taking place in ports of Venezuela. In the light of the announcement of arrival of the humanitarian aid in Venezuela, the Executive moved forward to close additional maritime borders, except Curacao, Aruba and Bonaire that Venezuela has already closed.

Venezuela closes maritime border with Aruba, Curacao, Bonaire

Venezuela closed its maritime border with Dutch Caribbean islands, because of the opposition’s plan to bring in humanitarian aid on February 23, in order to alleviate an economic crisis. Namely, the border is closed with the islands of Aruba, Curacao and Bonaire. This decision was taken after Curacao said that it would help store aid destined for Venezuela. 

US sanctions create payment problems

The Swedish Club has previously advised that sanctions against Iran cause payment problems because banks have proven reluctant to make any payments having even a connection with Iran notwithstanding that the payment may be perfectly legitimate. In line with its previous announcement, the Club now informed that the problem is not isolated to Iran.

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.

21 tankers stranded off US with Venezuelan oil cargoes

More than 20 tankers loaded with 9.6 million barrels of Venezuelan oil were anchored off the US Gulf Coast as of 7 February. Some buyers had purchased the cargoes before US imposed the sanctions in late January, using the vessels as floating storage, while others weighed how to pay under the new rules.

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