US Sanctions

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US sanctions six Chinese companies along with COSCO, affects shipping

US’s Department of Treasury Office of Foreign Assets Control (OFAC) imposed six sanctions on six Chinese companies, amongst them COSCO, for transporting oil from Iran in defiance of sanctions set in place in November 2018. Sanctioned COSCO affects the shipping industry and those oil companies and traders who have entered agreements. 

US blacklists four tankers transmitting Venezuelan oil to Cuba

The US Department of Treasury blacklisted four vessels and four companies for reportedly helping Venezuela’s petroleum export sector and in the delivery of the oil to Cuban buyers. OFAC’s regulations generally prohibit all transactions by US persons or within the United States that involve any property or interests in property of blocked or designated persons.

Released Iranian tanker reportedly arrives off Syrian port

Following a long journey across Mediterranean, the Iranian oil tanker ‘Adrian Darya 1’, which is at the centre of a major diplomatic dispute between Iran and the US, eventually arrived at the Syrian port of Tartus and sold its cargo, violating EU and US sanctions. 

US: Iran sanctions regarding bunkering operations

In an updated FAQs document, US OFAC clarifies that, even for vessels carrying lawful cargo to and from Iran, the provision of bunkers is unlawful and subject to US secondary sanctions, wherever it takes place, in the event the bunkering operation involves, inter alia, US financial institutions.

Turkish owner sentenced for conspiracy to violate US sanctions

The owner of the Istanbul-based Ramor Group was sentenced in Federal District Court in Milwaukee, Wisconsin, to 27 months imprisonment in connection with his conviction for conspiracy to violate US sanctions by exporting specialized marine equipment from the US to Iran between 2013 to 2015.

Wind down period for Iran metals sanction ends

As the Shipowners’ Club informs, President Trump issued Executive Order 13871 (the Order) of 8 May 2019 ‘Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran’. The Order included a 90-day wind-down period, enabling those persons engaged in transactions to take necessary steps to avoid exposure to sanctions.

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.


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