Sanctions: Treasury Increases Pressure on Cuba to End Support to Maduro by Imposing Further Oil Sector Sanctions
Further to our Web update of 9th April 2019 on Venezuelan Sanctions , Members whose trade involves Venezuela should be aware that OFAC has recently added to the SDN list four ship owning companies and nine vessels, for alleged involvement in carriage of petroleum cargoes from Venezuela to Cuba. The designations are listed at the following link: https://home.treasury.gov/news/press-releases/sm653
These designations provide clear evidence that the U.S. authorities may interpret sanctions to apply to non-US persons. Clearly that risk is very high in relation to carriage of oil or petroleum products from Venezuela to Cuba. Informal contacts with the U.S authorities suggest that imports of gasoline to Venezuela could also be viewed as high risk if regarded as being supportive of a sanctioned entity. However, any voyages involving PDVSA or other sanctioned entities must be considered to involve some degree of sanctions risk and Members are therefore reminded to make careful assessment of risks and potential consequences before undertaking voyages or commitments in relation to Venezuela.
You may also be interested in:
Request from the Turkish Authorities for Confirmatory Letters of P&I Cover for Ships Entering International Straits and Turkish Waters, Ports and Terminals
Members will be aware that the Government of Turkey issued a notice dated 16.11.2022 which requires oil tankers transiting or entering Turkish waters from 01 December 2022 (extended to 02 December 2022), to provide letters of confirmation from the owner’s P&I Club attesting that cover will remain in place under any circumstances throughout the duration of the transit or the time the ship is in Turkish waters or the time it is in a Turkish port or terminal.
The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has announced that Amy Lovseth will assume the role of Syndicate Manager in its Hong Kong office following Sean Geraghty's move to the Greece office earlier this autumn.
This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the Secro system
The Latest Developments in Limitation of Liability under Greek Law: Losing the Right to Limit Liability
The international legal framework relating to the entitlement of shipowners to limit their liability for maritime claims has been established by the entry into force of the 1976 Convention on Limitation of Liability for Maritime Claims