On 19 January, the US Office of Foreign Asset Control (OFAC) added several entities and individuals to the Specially Designated Nationals list (SDN), including the Venezuelan National Institute of Aquatic Spaces (INEA), which is the Venezuelan Maritime Authority.
This designation by OFAC is of great importance to the industry, particularly for vessels continuing to call to Venezuelan ports. This is because the Venezuelan Maritime Authority provides services such as pilotage and towage which are mandatory for entering Venezuelan ports,
…the Standard P&I Club explained.
As such, operators whose vessels are bound for Venezuelan ports and are likely to be required to make payments to INEA should act with caution and seek independent advice from sanctions specialist lawyers.
Members need to exercise due diligence to ensure that the trade or operation is not subject to sanctions and that they do not trade with individuals or entities that are named on the EU or US sanctions lists.
Last week, OFAC, under the US Department of the Treasury, designated three individuals, fourteen entities, and six vessels for their ties to a network attempting to evade United States sanctions on Venezuela’s oil sector.
