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After many rumors of potential changes to the U.S. policy on Venezuela, on October 18, 2023 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued four general licenses, representing a significant shift in its Venezuela sanctions program.  Most pertinent for the shipping industry, certain sanctions that were in place against Petróleos

On 2 August 2023 evening, the EU Commission released new FAQs (here and here; word search “2 August 2023”). Of greatest interest are the two new FAQs in the “Oil Import” section, relating to STS activity relating to Russian oil and petroleum products, in EU territorial waters. We set out extracts of these two below.
Continue Reading EU FAQs – STS in EU Territorial Waters

On 24 July 2023, the EU Commission published updated FAQs (here and here) relating to the port ban restrictions under Articles 3eb and 3ec of the EU’s 11th Sanctions Package (implemented on 23 June 2023). We published a brief summary on the 11th Sanctions Package which can be reviewed here.

The UK, EU and U.S. have each published the relevant price cap for petroleum products falling under HS/CN Code 2710 that are of Russian origin or consigned or exported from Russia to non-G7 countries (Restricted Petroleum Products), and have also updated their guidance on the scope and practical implementation of the price cap restrictions. We