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
As we are nearing the one-year anniversary of the Russian oil price cap, this is an important reminder to operators across the industry that enforcement will be coming.
Continue Reading A little less conversation, more action
Companies and individuals alike have struggled to keep on top of the increased sanctions risks emanating from the heightening of international tensions in recent years. Recently, two English law cases, Havila Kystruten AS and Others v. STLC Europe Twenty Three Leasing Ltd and Another  EWHC 3166 (Comm) (referred to as the Havila case) and…
The UK, EU and U.S. have each released information on the relevant price cap for oil products with HS/CN Code 2709 of Russian origin or exported from Russia shortly before the ban on maritime services for the transportation of Russian crude oil on December 5th, 2022. This announcement follows the publication of the UK’s “Maritime…
The UK introduces a prohibition on maritime services for the supply or delivery of Russian origin or Russian consigned oil.
Continue Reading UK imposes oil price cap ban for maritime transport and services