Tag: US Sanctions

Trump Administration recently imposed sanctions against Iran’s shipping network for allegedly carrying cargoes of weapons of mass destruction (WMD).

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four companies for operating in the oil sector of the Venezuelan economy. OFAC lalso identified four vessels as blocked property.

Following an increase in sanctions throughout the whole shipping industry, the American Club issued a guide called "Economic Sanctions - Compliance Guidance", providing guidance so that the industry can comply with the laws and sanctions.

Iran's foreign minister warned the US against using its navy in the Caribbean to disrupt Iranian fuel shipments to Venezuela.

The U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard alert the maritime industry for deceptive shipping practices used to evade sanctions.  

The US will soon issue advisories warning shippers, port officials and insurance companies that it "will target anybody that stores Iranian oil, petrochemicals or refined petroleum in violation of US sanctions". The US will encourage captains to take photos of anyone conducting illegal STS transfers.

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.

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.

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.

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.