US Sanctions

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Steamship issues alert on Venezuelan sanctions

Steamship Mutual issued an advisory note on Wednesday, April 10, warning that US Treasury’s decision on blacklisting a Greek tanker demonstrates the agency’s willingness to interpret sanctions on Venezuela broadly, beyond the literal text of its rules – with potential implications for foreign tanker operators and oil traders.  

US blacklists Greek tanker in light of crude oil sanctions

The US Department of Treasury proceeded to black listing two shipping firms and many vessels, including one Greek tanker, in light of the US sanctions on Venezuela. The two blacklisted companies are Ballito Bay Shipping and ‘ProPer In Management Inc.’ of Athens, both sharing the same address in Piraeus. 

US imposes sanctions on two companies trading with Venezuelan oil

On April 5, the US sanctioned two companies operating in Venezuela’s oil sector and one vessel used to transport oil to Cuba. Additional vessels, in which Venezuela’s state-owned oil company PDVSA has interests, are blocked property, according to Executive Order 13850. The US encouraged companies, banks, and other institutions not to provide services that support Maduro’s practices.

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. 

President Trump lifts sanctions on two Chinese freight forwarders

US President Donald Trump announced on March 22 that he lifted sanctions on two Chinese freight forwarders that were accused of trading illegally with North Korea. The US Treasure had imposed large scale sanctions on these companies, which would be added to the already existing sanctions. However, Mr. Trump intervened to withdraw them.

USCG enforces North Korea sanctions in East China Sea

USCG sent cutter Bertholf to Sasebo, Japan, on March 3, to enforce North Korea sanctions in the East China Sea. The cutter arrival to Japan was conducted following a deployment in the East China Sea where the crew assisted in United Nations Security Council Resolutions (UNSCR) enforcement against illicit ship-to-ship transfers that violate North Korea sanctions.

US warns about oil shipments to Syria

The US Department of the Treasury’s Office of Foreign Assets Control has identified nine targets in an international network through which Iran, working with Russian companies, provide barrels of oil to Syria. According to the US, a Syrian national and his Russia-based company delivered oil from Iran to Syria.

US sanctions Russian companies, vessels for trading with N. Korea

The US Department of the Treasury’s Office of Foreign Assets Control sanctioned two Russian shipping companies and six vessels that were involved in ship-to-ship transfers of refined petroleum products with North Korea-flagged vessels, something that is prohibited by the UN Security Council.

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