A court in Texas recently overturned a $2 million penalty imposed by OFAC against Exxon Mobil.  Click to read more... 

A court in Texas recently overturned a $2 million penalty imposed by OFAC against Exxon Mobil. 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.

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...

Following our update on 13th December, 2019, Members are advised that OFAC has now (as of 18th December, 2019) de-listed Ventspills Freeport Authority, following the Latvian government’s removal of the port from the...

Ventspils Freeport Authority has been added to OFAC’s SDN list, in conjunction with sanctions imposed on Mr Aivars Lembergs...

Enhanced sanctions have been imposed against IRSL and E-Sail as part of the US’s action against Iranian entities linked to the proliferation of weapons of mass destruction...

As reported on 13th October, 2019, the US imposed sanctions on Turkey in response to Turkey’s military activity in Syria.  Only 10 days later, on 23rd October, 2019, following Turkey’s agreement to a ceasefire in Syria, the sanctions have been lifted.  There are no longer any US sanctions in place against Turkey.  

In response to President Trump’s announcement on 6th October 2019 of his intended withdrawal of the remaining US forces in northern Syria, the Turkish military began an incursion into northern Syria designed to establish a “safe zone” along the northern border and to remove the area from the control and influence of the Kurdish Syrian Democratic Forces. The US has reacted to demonstrate its objections to Turkey’s action by issuing an Executive Order (“EO”) imposing sanctions against certain Turkish entities, governmental bodies and individuals. 

The impact on charterparties and issues for consideration. The past few decades have seen a trend of globalisation and integration across the world with the breakdown of conventional borders both via expanding international trade and increasing digital connectivity.

过去几十年,全球化和世界融合的趋势日益明显,随着国际 贸易增长及数据连接增加,传统疆界变得模糊。

This bulletin summarises various recent developments in relation to US sanctions on Iran...

The US has demonstrated an intention to continue strengthening sanctions against Venezuela with the issuance of a new Executive Order which covers any trade with the Venezuelan government and also impacts non-US entities.  Caution is highly recommended in relation to any transactions with Venezuela.

美国近期颁布新的行政命令,展示了继续加强对委内瑞拉制裁的意旨。新的行政命令 将制裁范围扩大到与委内瑞拉政府的一切贸易,同时影响非美国贸易实体。因此我们 强烈建议,对与委内瑞拉进行的任何交易,均需保持谨慎的态度。

OFAC have produced a “Framework for OFAC Compliance” which is said to apply to all OFAC imposed sanctions. OFAC suggests that compliance with these guidelines may ultimately influence OFAC's decision as to whether to designate a relevant person or entity to the SDN List.

On 8th May, 2019, a new US Executive Order (E.O.) was issued which imposes sanctions with respect to the iron, steel, aluminium, and copper sectors of Iran. Essentially, the new EO seeks to cut off trade to and from the Iranian metals industries and deny Iran access to nuclear weapon capabilities. There is a wind-down period of 90 days for any pre-existing business, but any new contracts after 8th of May, 2019 will be considered sanctionable.

The US Government’s sanctions against Venezuela and, specifically, PdVSA, have been a significant focus of discussion since their implementation earlier this year. In this article, we provide an update on the situation and some clarity in relation to the application of the sanctions and how they may impact Members.

During April and May 2019, OFAC has added a number of non US ships and owners to the SDN list, reinforcing the extra-territoriality of EO 13806. 

Read OFAC’s sanctions FAQ’s here.

Members are advised to incorporate sanctions clauses into their charterparties, such as the BIMCO Sanctions Clause for Time Charters and the BIMCO Designated Entities Clause for Time Charters.

Members are advised to incorporate sanctions clauses into their charterparties, such as the BIMCO Sanctions Clause for Time Charters and the BIMCO Designated Entities Clause for Time Charters.

On 28th January, 2019, the US issued sanctions against Petróleos de Venezuela, S.A. (PdVSA). Under Executive Order (EO) 13857 the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) included PdVSA as part of the “Government of Venezuela”. Therefore, it was designated as a Specially Designated National (SDN) and transactions involving PdVSA may be subject to US sanctions. Members are recommended to exercise caution when trading with PdVSA.

In a recent expedited judgment in Mamancochet Mining Ltd v Aegis Managing Agency Ltd & Others [2018] EWHC 2643 (Comm) Mr Justice Teare provided guidance on the correct interpretation of a standard sanctions clause contained in a marine cargo insurance policy following a loss of cargo shipped to Iran in 2012.

This article highlights some of the charterparty difficulties and implications for Members arising out of the recent announcement regarding “snap back” of US extra-territorial sanctions on Iran.

“美国将在 90 天(截至 2018 年 8 月 6 日)或 180天(截至 2018 年 11 月 4 日)的缓冲期后,对在伊朗 进行特定活动的非美国公司,重启此前在伊核协议豁免下的二级制裁。” -美国财政部海外资产控制办公室 (OFAC)

International sanctions have existed as a diplomatic tool for centuries. In the 21st Century international sanctions are the favoured weapons of governments seeking to accomplish global foreign policy objectives. 

Concern over Iran’s nuclear power programme has grown over recent years, and has resulted in a number of measures being taken.

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