Sanctions
Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines 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.
US targeting of Iranian oil shipments continues as major front is hit by sanctions
The US is continuing to slap sanctions on ships and companies facilitating sales of Iranian oil for the benefit of the regime’s armed forces. Almost 30 vessels have been targeted by Ofac since the year began
Gas carrier fleet shipping Iranian LPG expands as exports boom
Scrutiny of Iran’s sanctioned energy trade tends to centre on the oil exports and the dark fleet servicing it. However, robust Chinese demand, coupled with growing Iranian output and deep discounts have propelled Iran’s liquid petroleum gas exports far above pre-sanctions levels, helped by a growing fleet of ageing gas carriers
India allows three more Russian entities to provide marine insurance
Move will facilitate imports of crude in face of Western price cap
Why increasing North Korean shipments have sparked sanctions scrutiny concerns
Deepening diplomatic ties between Russia and North Korea has increased clandestine maritime oil-for-arms trades between the two states, but that comes as Russia is seeking to end UN scrutiny of sanctions compliance and illicit maritime activity
US lawmakers pass new Iran sanctions bill
A bill that calls for the imposition of sanctions on ports, vessels, shipping companies and refineries that knowingly process or carry Iranian oil or productions passed the US House of Representatives on Saturday and will likely be signed into law this week
Ship detained in Russia timber sanctions probe leaves Rostock
The general cargoship diverted to Rostock after a propeller malfunction and was held by German authorities investigating the cargo of wood it was carrying from Russia to Baltimore
Thai chemical company settles ‘apparent violations’ of Iran sanctions for $20m
Ofac says SCG Plastics caused US financial institutions to unknowingly process $300m in sales of Iranian high-density polyethylene resin by falsifying shipping documents, with the settlement underscoring the agency’s intent to penalise companies that conceal such activity by sanctioned entities
Where do Russia’s sanctioned ships trade?
Sanctions are a key tool for Western governments to damage Russia’s economy. The US has been actively targeting ships and, while this successfully forces changes in behaviour, many vessels are still able to do business freely, thereby revealing the limits of these restrictions
Sanctions shuffle begins anew for Venezuela’s tanker trades
Venezuelan crude exports, which previously went to India, could head to China instead. Product imports that previously came from the US will be sourced from Russia or Iran. While US product exports, which previously went to Venezuela, could go to Brazil and Mexico
Sun sets on Venezuela oil sanctions relief as US opts to let licence expire
Sanctions on Venezuela’s oil and gas sector will resume on Thursday after the US chose not to renew a licence issued in October. The US has repeatedly warned it will let the measure expire unless president Nicolas Maduro delivers on his end of an electoral agreement road map signed in October
US-sanctioned ship with unknown flag and insurance had ‘right of innocent passage’, says Denmark
Aframax tanker Osperous sailed through Danish Straits on April 3, nearly three months after it was sanctioned for breaching the G7 oil price cap on Russia, with class surveys overdue and expired class certificates
Detained Rostock ship raises knotty sanctions questions
The detained Atlantic Navigator II shows what happens when sanctions clash
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