Insights

As of 18th February, 2020, Rosneft Trading SA has been designated as a Specially Designated National (“SDN”) for operating in the oil sector of the Venezuelan economy. The designation is subject to a wind down period, which expires on 20th May, 2020. Click to read more…

A court in Texas recently overturned a $2 million penalty imposed by OFAC against Exxon Mobil for alleged violations of US sanctions (Exxon Mobil Corp. v. Mnuchin, No. 3:17-CV-1930-B, 2019 WL 7370430 (N.D. Tex. Dec. 31, 2019)). The court held that OFAC contravened the due process clause of the Fifth Amendment, which requires that individuals or entities are given fair notice of conduct that is forbidden or required, in failing to give Exxon Mobil fair prior notice that its conduct contravened sanctions.

Over the past month, a novel Coronavirus, which has become known as the Wuhan virus, has been spreading across China and further afield.  Here we consider the implications for ship operators and provide information, practical guidance and advice on contractual issues arising. Follow the link above to read more.

The US authorities have issued a new Executive Order imposing sanctions with respect to construction, mining, manufacturing, and textiles sectors of Iran.  Click to read more...

Following a review by the BIMCO sanctions sub-committee, BIMCO has released new sanctions clauses for both time and voyage charters. The new clauses have replaced the existing BIMCO sanctions and designated entities clauses, and they are designed to create more contractual certainty for the parties in an increasingly complex sanctions landscape. Click to read more...