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.
The US Treasury Department announced additional US sanctions against Iran, in response to the state’s missile attack against a US air base in Iraq, making now trade with Iran in almost all industry sectors off limits for US, as well as non-US persons.
The National Defence Authorisation Act for Fiscal Year 2020 (NDAA 2020) was signed by President Trump on December 2019, and includes several sanction-related measures mostly targeting specific European energy programmes in which Russia participates in.
Following a recent announcement regarding the designation by OFAC of Ventspils Freeport Authority (VFA), OFAC now announced the removal of those sanctions on 18 December. Following the designation, the Latvian government passed legislation effectively ending Lembergs’ control of the Authority.
It is said that on Thursday, December 19, the Trump administration renewed a waiver for companies to loosen transactions with the Dalian unit of a Chinese tanker company it had sanctioned in September for allegedly transporting Iranian oil, Reuters reports.
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.
The Trump Administration implemented new sanctions against Iran, targeting an Iranian shipping network and airline, as it was announced by U.S. Secretary of State Mike Pompeo. Pompeo informed that the designated companies include the Islamic Republic of Iran Shipping Lines (IRISL) and its China-based subsidiary, E-Sail Shipping.
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.
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.
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