Tag: US Sanctions

On 8 May, US President Trump announced decision to withdraw the US from participation in the JCPOA (Joint Comprehensive Plan of Action) and to re-impose US nuclear-related sanctions, which is expected to have significant implications for shipping trade with Iran and the insurance of this trade. 

After US imposed further sanctions against Russia on 6th April, the inclusion of Rusal in this list, confused the aluminium trades, since Rusal is a major shipper of both raw and finished commodities. To clarify the situation the US issued two licenses for trading with Rusal. The licences allow parties to continue trading with Rusal until 23 October 2018.

The US expanded its sanctions against Russia, and they now include designations against key individuals operating in Russia’s energy sector, along with 12 energy companies owned or controlled by these persons. These new sanctions also have implications for non-US persons and entities, which have to carefully consider the risk of secondary sanctions when dealing with Russian parties in the future.

Following introduction of the cryptocurrency 'Petro' in February 2018, the US President has issued a further Executive Order, which prohibits US persons, and persons within the US, from engaging in any dealings in “any digital currency, digital coin or digital token” issued by Venezuela on or after 9 January 2018, which would include the Petro.

The US Department of the Treasury’s Office of Foreign Assets Control, announced the imposition of sanctions against additional Russian entities and individuals. The New US Sanctions Targets include the designation of three entities and 13 individuals which are now included on OFAC’s SDN and Blocked Persons List.

Insurers, flag registries, shipping companies, financial institutions, and others involved in shipping-related transactions may be subject to one or more sanctions prohibitions related to North Korea. The information herebelow is based on a recent advisory on N. Korea Sanctions, issued by the US Department of Treasure.

US provides examples of the types of tactics used by North Korea to obfuscate the identity of the vessels, the goods being shipped, and the origin or destination of cargo and also suggests measures to mitigate the risk of engaging in prohibited activity or processing prohibited transactions.

The US announced the largest set of sanctions ever imposed in connection with North Korea, targeting shipping companies, vessels, and individuals across the world accused of illicit trading with the country. Specifically, the US is sanctioning 27 entities, 28 vessels, and one individual, all involved in sanctions evasions schemes. 

USCG informs about the Executive Order (EO) issued by the US President which promulgates a broad range of economic sanctions on North Korea and it provides guidance regarding vessels potentially affected by US sanctions regarding North Korea.

The North P&I Club has issued an update regarding US Sanctions against Sudan to inform that the temporary lifting has been extended  until 12 October 2017. President Trump has issued an Executive Order to extend the period of temporary relief and means that the US sanctions have not been formally revoked.