The US Department of the Treasury’s Office of Foreign Assets Control (OFAC), announced the imposition of sanctions against additional Russian entities and individuals.
The New US Sanctions Targets include the designation of three entities and 13 individuals which are now included on OFAC’s SDN and Blocked Persons List.
The new sanctions prohibit transactions by US persons or transactions with a US nexus involving the New US Sanctions Targets. The American Club, as a US person, is prohibited from providing insurance cover for voyages or vessels involving the New US Sanctions Targets, and payments through the US involving these persons along with their property are blocked.
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Operators are reminded that pursuant to American Club rules there is no cover for voyages where the extension of cover would violate or pose a risk of violating sanctions prohibitions and also that causing a violation could impose sanctions or penalties. Operators are recommended to proceed with caution in dealing with or involving Russian entities and to conduct additional sanctions compliance due diligence to ensure their own and the American Club’s compliance with sanctions prohibitions.
