Category: Sanctions

Unprecedented port fees proposed for vessels with nexus to china

Maritime stakeholders should consider commenting on how a Proposed Action to impose unprecedented port fees on vessels with a nexus to China would impact operations.  They should also examine structures involving Chinese-built ships or vessels owned/managed by Chinese entities to minimize risk. The U.S. has had an ongoing Section 301 Investigation into allegedly “unfair” Chinese….

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Venezuela: OFAC Licenses and Permissions at Risk

Key Takeaway: Shipowners, operators, and insurers should closely monitor changes to licenses and comfort letters which permit certain trades with Venezuela.  Trump and key administration members have a long track record of “maximum pressure” towards Venezuela.  Given the speed with which the Trump administration has been changing foreign policy, stakeholders should be ready to alter….

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A Victim of Success: Risks from Responses to Sanctions Against Russia

By Stefanos Roulakis and Efimia Karageorgiou In response to the Russian Federation’s invasion of Ukraine, the United States has coordinated with its allies to target Russia’s energy sector. One aspect of this strategy has been the imposition of sanctions against key operators. Another measure involves establishing a price ceiling on oil and other energy products….

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Updated Sanctions Policies Critical for Maritime Companies

IntroductionOFAC continues to emphasize that having a sanctions policy in place will greatly benefit members of the shipping community. Such a policy is useful in risk management both for internal purposes to reduce risks of violations as well as to help protect a company in case of enforcement or targeting by sanctions authorities. BackgroundInternational sanctions….

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