Financial sanctions & cover
Members who can trade lawfully with sanctioned countries need to be aware that financial sanctions may restrict the Club's ability to protect them in the event of a P&I incident. The Club has issued
Circular 4/12this week that reminds Members to review the Rule 5V, which addresses sanctions risks and exposure.
Whilst the Club will continue to issue advisories through this website, Members should take their own measures to establish whether intended voyages are lawful and insurable.
Circular 4/12 Sanctions risksreproduces the relevant Rule 5V in full. Other clubs in the International Group have made similar provisions in their Rules.
Owners whose own country's jurisdiction does not impose sanctions on targeted countries may be free to trade legally with them. But if their insurers governed by a country implementing trade sanctions, they may be subject to the accompanying financial sanctions and prevented from extending cover to that trade.
The
International Sanctionspage selectively compiles advice on different sanction regimes from the International Group, US Treasury, UK Treasury and other relevant sources. There are also links to a number of related organisations on a new International Sanctions section of the
Linkspage.
Keeping track of sanctions can be onerous as they frequently name not just countries, but individuals and organisations as sanctioned trading partners. These lists of potential trading partners are frequently updated. The UK Treasury Asset Freezing Unit provides an option to subscribe to a specialist update email whereby Members can keep track of these changes.
This is a
free subscription facilityfor notification by e-mail when a sanctions-related release is published on their website and the Treasury's consolidated list of targets of financial sanctions in effect in the UK is updated.
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Circular 7/20
15/05/2020
In line with their legal and regulatory obligations, all Clubs in the International Group maintain sophisticated sanctions compliance programmes and procedures.
The UK Club Correspondent, GAC Shipping Ltd, would like to remind Members of the commencement of bulk crew changes of international seafarers from 22nd December 2020, through the Offshore Crew Transit Hub (OCTH) operated by a Public-Private-Partnership (PPP).
China’s “New” Export Control Law
30/12/2020
On 17 October 2020, the Standing Committee of China’s National People’s Congress (SCNPC) passed the Export Control Law of the People’s Republic of China (the “ECL”) and the same entered into force on 1st December 2020.
A new law was signed in California on 24th September 2020 for Members trading in California waters, which will bring the following increases in criminal penalties for oil spill related offences from 1st January 2021.