US Sanctions

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Tanker owner to comply with US sanctions against Rosneft

Tanker Owner, Mercantile & Maritime, reported that it will halt its shipments of Venezuelan oil for Rosneft, following the United States’ sanctions  against the Russian oil giant’s Geneva-based trading arm Rosneft Trading S.A.

US sanctions Russian Rosneft for trading with Venezuela

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Russian Rosneft Trading S.A. for operating in the oil sector of the Venezuelan economy, while also designated the chairman of the board of directors and president of Rosneft Trading S.A., Didier Casimiro, for purporting to act for or on behalf of, directly or indirectly, Rosneft Trading S.A.

Venezuela to require port payments in US-sanctioned Petro currency

The Venezuelan Maritime Authority has required port payments to be in its own digital Petro Currency, which is sanctioned by the US. In light of these developments, the Standard P&I Club recommended owners and operators to consider carefully trade to Venezuela.

US lifts sanctions on one unit of Cosco

The US Treasure Department announced that it has lifted sanction on one of the two sanctioned units of Cosco Shipping, deleting from its sanctions list Cosco Shipping Tanker (Dalian) Co, but continues having blacklisted the unit Cosco Shipping Tanker (Dalian) Seaman & Ship Management.

Eagle Shipping to pay fine for US sanctions violations

According to the US Office of Foreign Assets Control (OFAC), Eagle Shipping International (Eagle Shipping) has agreed to pay $1,125,000 to settle its potential civil liability for 36 apparent violations of the Burmese Sanctions Regulations.

North P&I Club issues guide for sanctions

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.

US imposes further economic sanctions on Iran

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. 

US targets Nordstream 2 and Turkstream pipelines for sanctions

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.

US removes sanctions on Latvia’s Ventspils Freeport Authority

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. 

US renews waiver on COSCO unit

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.