U.S. sanctions update
During the last few weeks, U.S. authorities have increased their focus on international shipping in a recent escalation of U.S. sanctions, particularly, in respect of trade to/from Venezuela and Iran.
The following article published by Gina Venezia of Freehill Hogan & Mahar LLP provides insight into recent steps being taken, and new guidance issued to the industry, by U.S. authorities in furtherance of these governmental sanctions programs, heightening the importance of and the need for up-to-date sanctions compliance throughout the shipping community.
The week of June 1, 2020, sees additional steps in the sanctions targeting Venezuela and Iran.
Full update available here.
If you have any questions regarding this update then please get in touch with your Club contact who will be pleased to assist you.
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The UK P&I Club have received the following update from Freehill Hogan & Mahar LLP, regarding the recent sanctions imposed on Iran by the U.S. administration.
On August 2, 2017, President Trump signed into law the "Countering America's Adversaries Through Sanctions Act". The Act imposes new and further sanctions on Iran, Russia and North Korea.
The week of June 1, 2020, sees additional steps in the sanctions targeting Venezuela and Iran
Last week saw significant developments in the U.S. sanctions programs targeting Venezuela and Iran.