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Sanctions

With the US administration's "maximum pressure" campaign continuing against Iran and sanctions placed on Venezuela we examine the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government

Sanctions

Resold China-flagged tankers lift first Venezuelan cargoes in six months

Sales and purchase brokers note trend of elderly tanker tonnage being sold to anonymous buyers for sanctions busting

Newly sold Greek tankers sail for Venezuela defying US sanctions

Until mid-2020 Greek ships transported 80% of cargoes from the South American country, but drastically reduced exposure after US sanctions briefly imposed on four ships owned by prominent Greek families

First Iran-linked tanker reflags to Samoa

The 2001-built Dazzle has undertaken two ship-to-ship transfers off Malaysia, and changed flag and name four times in 16 months

US increases sanctions on Iran’s petrochemical sector

Ofac noted that Iranian petrochemical sales remain a key revenue source for the regime, which benefits from a global network of entities facilitating the Iranian petrochemical sector. Parties involved in the sales as well as the brokers and myriad financial intermediaries were all slapped with sanctions

No let-up on China tariffs by Biden or Trump

The chief effect of Mr Biden’s approach on tariffs and sanctions will likely be calmer seas ahead, while that of Mr Trump will be for the maritime industry to batten down the hatches for another four years

Tanzania de-flags tankers for ‘illicit transfers’ of Iranian crude

Removals follow letters to Tanzania’s Zanzibar Maritime Authority from a US-based NGO, United Against Nuclear Iran

US sanctions more key Iran parties for illegal shipments

The wide-ranging sanctions hit important elements of the Iranian oil sector, including the Petroleum Minister Bijan Zanganeh. The US State Department last week targeted six Chinese entities for links to the Islamic Republic of Iran Shipping Lines

Operation planned to transfer cargo from listing floating storage unit

The 1993-built sanctioned tanker Icaro appears to be heading to the stricken floating storage unit Nabarima, which is laden with crude from the Corocoro field, Lloyd’s List Intelligence data shows. Two tugs are also near by

Paying off hackers risks triggering sanctions, legal expert says

Victims of cyber attacks ‘may not have done anything wrong, but they are in a position where they can’t make the payment,’ says HFW partner

Shipping tells US its sanctions policies are a ‘kiss of death’

American expectations that marine service providers share unsubstantiated information about possible sanctions-busting vessels is a ‘kiss of death’ for innocent shipowners, says International Group

From the News Desk: Shipping struggles to repel hackers

Shipping companies and organisations have received a sharp wake-up call as to the threat of cyber attacks, with several affected in the past few weeks alone. In response, the US Department of the Treasury’s Office of Foreign Assets Control has issued advisories highlighting the increased sanctions risks associated with ransomware payments

Managing maritime risk: Sanctions compliance and detection

Lloyd’s List and industry experts discuss the updated US Office of Foreign Assets Control sanctions guidance and how any organisation with exposure to shipping or cargoes needs to understand, identify and mitigate the risk to their operations

Lloyd's List Sanctions
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