Iran Sanctions Update: Significant Reduction Exemptions
As reported in Circular 16/18 when U.S. secondary sanctions were re-imposed against the purchase and carriage of Iranian crude oil, petroleum products, liquified gases and petrochemicals, in November 2018, eight countries - China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey – were granted waivers, known as Significant Reduction Exemptions (“SREs”), to permit the import of limited amounts of Iranian crude oil up to 2 May 2019.
Members should be aware that the U.S. State Department has announced that these SREs will not be renewed beyond 2 May 2019. In a further clarification provided to the Club’s US legal advisors, the State Department has advised that voyages with shipments pursuant to the existing SREs must be completed within that 2 May deadline. Any purchase or carriage of Iranian crude cargoes after 2 May 2019 is therefore likely to be treated as a breach of U.S. sanctions, with all the risks which that involves.
Should you have any detailed enquiries regarding the effect of sanctions on the operation of the Club, or the cover it provides, please contact Nigel Carden (Tel: +44 20 7204 2147; Email: firstname.lastname@example.org)
You may also be interested in:
This article examines what happened when a powerful typhoon passed directly over Osaka Bay, resulting in the dragging of anchor by a Tanker which eventually collided with the connecting bridge to Kansai International Airport.
The UK Club’s correspondents, Taiwan Transport Insurance Services Ltd, (TTIS), have kindly notified that the new pre-arrival notification rules in Taiwan for Changhua Wind Farm Channel will take effect on 26 October 2021.
The new Environment Examination Regulation number 31509 dated 12 June 2021 was published and contained inspection information, and does not contain any increase on fine amount, thus the Pollution tariff 2021 is still valid.