Insights

The UK’s Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, has upheld two monetary penalties on Standard Chartered Bank for breaching EU financial sanctions. Although following the review, OFSI has reduced the fines from £31.5million to £20.5 million, these penalties are still the highest OFSI has imposed to date. Read more...

新冠病毒和不可抗力 随着新冠病毒疫情的快速升级，航运业受到了巨大冲击。许多人不得不根据事态发展，重新审视他们的合同义务。本文将着重关注不可抗力条款在新冠病毒疫情背景下的适用情况。

The UK has now left the EU and we are in a “transition period” (also known as the “implementation period”) during which the future relationship between the parties is under negotiation. UK sanctions regimes are currently very closely aligned with those of the EU. This is expected to be the case after the transition period, although there may be important distinctions of which Members should be aware.

Are you ready for the carriage ban? As of 1st March, 2020, ships that were not fitted with scrubbers will not be permitted to carry on board fuel with sulphur content in excess of 0.50%, even if such fuel is not intended to be used.  Any non-compliant fuel remaining on board will therefore need to be removed by 1st March.

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…