The Lloyd’s List Podcast: Sanctions alert! Why shipping must heed new US guidance
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The US has issued global industry guidance that details best practices to detect deceptive shipping. It means the international maritime industry will remain in the crosshairs of sanctions enforcement no matter who wins the US presidential election in November. On the podcast to dissect the implications are Lloyd’s List editor Richard Meade, markets editor Michelle Wiese Bockmann and our resident tiger at the throat of the insurance industry — David Osler.
OVER the past 18 months, the US administration’s ‘maximum pressure’ campaigns against Iran and Venezuela have translated into unilateral sanctions that prevent or hinder international trading and transport of energy commodities from both countries.
The Trump administration released long-awaited global industry guidance last week that detailed best practices to detect deceptive shipping, and recommending audited compliance programmes that heavily focused on the use of vessel-tracking technology and information-sharing.
Given the draconian and unworkable early drafts that had been in circulation the industry can at least breathe a collective sigh of relief that it could have been worse, but the ambiguity and the somewhat mercurial approach to enforcement from the dreaded US Treasury’s Office of Foreign Asset Control remains in place.
Caution is the watchword.
“Because of the way the political winds blow, you should take a risk-based approach to anything that touches on international sanctions and analyse the risk and take a conscious decision. The political winds can blow in a different direction tomorrow,” was the telling view from one lawyer we spoke to this week.
Joining Lloyd’s List Editor on the podcast this week to decipher what this all means we have our markets editor Michelle Wiese Bockmann and our resident tiger at the throat of the insurance industry - David Osler.
Meanwhile, don’t forget to sign up to Lloyd’s List Ask the Analysts webinar on May 28.
In the second of our monthly Ask the Analyst webinar series, the focus turns to the outlook for markets in Asia and our view on mounting credit risk.
Following on from last month’s webinar where we offered the shipping industry the opportunity to ask our experts any questions on any aspect of the industry’s currently turbulent agenda, the team will be back on Thursday 28 May at 16:00 Singapore time / 9am UK to answer more of your questions.
Register for free and submit your questions in advance here: https://pages.maritimeintelligence.informa.com/LL-AMA-May
The Lloyd’s List Ask the Analysts Webinars will take monthly. Times will alternate between Asia Pacific and EMEA/US slots. Webinars will be free to attend but registration is required. Please submit all questions via the registration form here.