South Korea joins UN sanctions against Iran

In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran’s suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.

To this end, the Korean Government has declared to prepare new guidelines and regulations in the finance, international trade, transportation, construction, and energy sectors in order to implement recommendations set out in the UN Security Council Resolution No. 1929, by its announcement dated 8 September 2010 (“Announcement”).

Following the above, new and more detailed guidelines have been established by relevant non-public organizations/institutions such as the Korea Foreign Trade Association (“KFTA”) and the Korean Federation of Banks (“KFB”).

Industry developments

Polar Shipping

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With effect from 30th January 2014 non-tank as well as tankships calling at US ports will be required to submit VRPs.  For Club and other resources to assist in compliance click here

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Environmental Compliance resource page collates material in respect of International environmental compliance issues affecting our Members. Information from the Club, Loss Prevention and external resources has been collated in one place for ease of reference.

MLC 2006

The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section.  READ MORE

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