Tag: US Sanctions

The US imposed new Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum.

The US blacklisted two Chinese men and six Chinese entities for dealing with Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) and, in some cases, helping it to evade US sanctions.

After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela last week, Iran is now using the same ship to help Venezuela export its crude.

An Iranian supertanker, identified as Honey, arrived at the Venezuelan port of Jose Terminal, carrying 2 million barrels of natural gas liquid (NGL).

Daniel A. Tadros, J.D., Chief Legal Officer for the Managers of the American P&I Club, reviews the latest developments in the area of sanctions and compliance that all vessel operators need to be aware of as they emerge from lockdown and return to business as usual.

According to Reuters, Venezuela's refineries have almost halted operations because of underinvestment while U.S. sanctions meant to force the ruling Socialist Party from power have severely restricted fuel imports.

The US is pressuring shipping companies, insurers, certifiers and flag states that register vessels, according to Washington’s special envoy on Venezuela, Elliott Abrams, in an interview with Reuters.

The US on Wednesday imposed sanctions on five Iranian ship captains who delivered oil to Venezuela, Secretary of State Mike Pompeo informed speaking at a news conference. 

US Ambassador to Greece Geoffrey Pyatt, announced the reversal of the actions in a Tweet citing recent statements and actions by the Greek shipowners to sever ties with Venezuela.

Brazil’s Petroleo Brasileiro SA informed shippers that it will not hire any tankers that have visited Venezuela the past 12 months, being in line with U.S. sanctions on the Latin American nation.