Further sanctions impact shipping
Further material published on the Club website this week highlights the EU Council decision on the 23rd January that prohibits the import, purchase or transport of crude oil, as well as petroleum and petrochemical products from Iran.
A set of FAQs from the International Group's Sanctions Working Group is among the resources that are available to assist Members.
Whilst it may only be ship operators subject to the jurisdiction of the EU that are bound by a prohibition on transport, there will be a wider effect on non-EU ship operators. The decision also prohibits the provision of insurance relating to the transport of oil and products from Iran.
Our specialist reference section -International sanctions
- provides a collation of material on Iran. The International Group FAQs and our own article of 5th February provide useful information for reference by both EU and non-EU ship operators.
The focus in the FAQs is on the aspects of the decision which impact on trade and insurance arrangements. Questions include whether the decision will impact on trans-shipment cargoes, Iranian cargoes loaded outside Iran or bunkering from Iranian suppliers or sources.
Links are provided in this section to the excellentUK Treasury website
which offers explanation and resources on most current sanctions regimes.
Further updates in regard to Iran sanctions will be provided in due course. In the meantime, the Managers take the opportunity to remind Members of the UK Club's Rule 5(V) relating to Sanction Risks.
Should you have any detailed enquiries regarding these sanctions and the operation of the Club or the cover it provides, please contact Nigel Carden (Tel: +44 20 7204 2147; Email:email@example.com
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Members will have noted the decision by President Trump announced on May 8 to withdraw the USA from participation in the JCPOA (Joint Comprehensive Plan of Action) agreed between Iran, the EU, and the P5+1 (the five permanent members of the United Nations Security Council - China, France, Russia, United Kingdom, United States - plus Germany), and to re-impose US nuclear-related sanctions.
The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has continued to focus on international shipping as a means to implement the Iranian sanctions program and has now turned its attention to the bunkering of vessels engaged in Iranian trade or involving Iranian vessels.