Impact of Iran LNG sanctions
The European Union Council's decision to prohibit the transport of natural gas from Iran extends to the insurance of such transport. It is likely to have an immediate impact on Members whether or not subject to EU jurisdictions.
When the decision takes effect, the Club will not provide cover to any Member in respect of carriage of natural gas originated in Iran.
In addition to natural gas, certain minerals and metals regarded as relevant to Iran's military infrastructure will be included on the list of prohibited products. Furthermore, the decision has added new restrictions on classification societies and EU flag states, and the supply of vessels designed for the transport and storage of oil and petrochemical products. Tighter financial restrictions could also make it more difficult for the Club to settle local fees and or claims.
The EU's Council Decision 2012/635 which sets out these sanctions on Iran is binding on the Member States. However, an implementing Regulation is required to give it effect and make it binding on persons and entities within the EU. Past experience has indicated several months may elapse before the Regulation is published.
This decision incorporates a list of 34 additional entities against whom sanctions will take immediate effect. The entities listed in this decision, and the corresponding HM Treasury notice, includes companies active in the production and trading of natural gas.
The financial sanctions already existing under earlier regulations update their list of sanctioned Iranian companies and individuals by way of the EU Council's decisions. An implementing Regulation is not required to bring existing sanctions into effect against those newly named companies and individuals.
The decision and the annexed list of sanctioned entities can be found in the "International Sanctions" section of our website under the title "EU sanctions on Iran extend to natural gas
You may also be interested in:
In collaboration with I.M.E.Q., Sophia Bullard, Crew Health Director at UK P&I Club, discusses the issue of grief and its impact on crew, exploring the stages, signs and symptoms of grief, as well as coping mechanisms.
The UK P&I Club recently held a Webinar on the subject of Mooring operations and safety; the Webinar received overwhelming response with about 2350 registrations from 78 countries.
Crew Changes - A Comprehensive Guide
We have been working with over 200 members of our correspondents network to produce a comprehensive document that outlines challenges and changes for crew changes in ports.
Please find below information received from UK Club correspondent in Turkey, Vitsan; the circular outlines the recent announcement that wash water discharge of open-loop scrubbers is prohibited in Turkish waters.