The US Department of Treasury’s Office of Foreign Assets Control (OFAC) announced it has de-listed Italian company PB Tankers from its sanction list. OFAC had designated the company on 12 April, for operating in the oil sector of the Venezuelan economy.
As a part of this designation, six vessels were identified as blocked property in the interest of PB Tankers, while one vessel, the ‘Silver Point’, was used to deliver oil products from Venezuela to Cuba.
OFAC has designated the Cuban state-run oil import and export company Cubametales ‘for its continued importation of oil from Venezuela’.
Following the company’s designation, PB Tankers terminated its charter agreement with Cubametales, which had chartered the Silver Point to transport oil between Venezuela and Cuba.
Likewise, PB Tankers took additional steps to increase scrutiny of its business operations to prevent future sanctionable activity, OFAC explained.
As a result of today’s action, all property and interests in property, which had been blocked as a result of PB Tankers’ designation, are unblocked, and all otherwise lawful transactions involving US persons and PB Tankers are no longer prohibited.
The removal of US sanctions is available for persons designated under E.O. 13692 or E.O. 13850, both as amended.
