January, 2021 - Sanctions update: new Venezuelan designations

On 19th January, 2021, the US announced that the Venezuelan National Institute of Aquatic Spaces (INEA), which is the Maritime Authority of Venezuela, has been included in OFAC's SDN List. It is understood that ships bound for Venezuelan ports are required to make certain payments to INEA, such as fees for pilots, tugboats, launches, etc and there is a risk that parties making such payment may fall foul of US sanctions.  Members are advised to seek further information when trading to Venezuela.