Obituary: Mr S. Venkiteswaran
'Venky' Venkiteswaran (S. Venkiteswaran) who died on 21st December was a most distinguished lawyer (a Senior Advocate or QC) who worked for the transport clubs' interests in India for over 40 years. A brilliant lawyer and charismatic figure, he was the confidante and advisor to many in the Indian transport world and his advice was equally sought by the Government and the Director-General of Shipping.
EU Council publishes regulation defining scope of restrictive measures against Iran - 21 December 2012
On 21 December 2012, the EU Council approved the implementing regulation (Regulation (EU) No 1263/2012 amending Regulation (EU) No 267/2012) concerning restrictive measures against Iran. The new regulation gives legal effect to the restrictive measures agreed in Council Decision 2012/635/CFSP adopted in October 2012 (previously reported on the Club webpage:
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.
EU sanctions on Iran extend to natural gas
On the 16th October an EU Council decision declared a prohibition on the transport of natural gas to Iran. The ban extends the insurance and reinsurance of such transport so will have impact on Members whether or not subject to the EU jurisdictions. When the Decision takes effect, the Club will be prohibited from providing cover to any Member in respect of carriage of natural gas originated in Iran.
The International Group FAQs address questions such as do armed guards prejudice P&I cover and what are 'weapons of war'. Contractual questions relating to armed guards and charterers and issues on general average and ransoms are also covered here.
The Iran Threat Reduction and Syria Human Rights Act of 2012 substantially expands the already broad sanctions, which could be imposed against foreign entities doing business with Iran. It also provides for sanctions against persons engaging in activities related to human rights abuses in Iran and Syria. This is an overview of key provisions of the new legislation most likely to impact businesses:
Additional US sanctions on Iranian companies, including shipping organisations - July 12 2012
This US Treasury press release and attached papers explains how the United States is imposing additional sanctions on Iran's nuclear and ballistic missile proliferation networks. It is also taking additional steps to prevent the evasion of sanctions by publicly identifying a group of Iranian front companies and banks designating 11 entities and four individuals under Executive Order 13382.
EU Council Press Release: 11808/12 - EU sanctions against Iran: exemptions to end on 1 July
The latest package of EU sanctions against Iran will apply as earlier decided. Following a review of the measures, the Council confirmed that they would remain as approved in January. This means that two exemptions will end, as scheduled, on 1 July: Contracts for importing Iranian oil that were concluded before 23 January will have to be terminated by 1 July. From the same date, EU insurers may no more provide third-party liability and environmental liability insurance for the transport of Iranian oil.
Sanctions impact Members’ cover
Recent news reports of a ship entered with an International Group club having its cover withdrawn for allegedly carrying armaments to Syria are a reminder to operators that sanctions regimes can impact on their business. Restrictions on financial transactions, on dealings with designated parties, and on provision of insurance, may potentially restrict the ability of the Club to help and protect Members in the event of an incident. Such sanctions can affect Members who can trade lawfully to states targeted by sanctions even where those regimes are not applicable to them or they permit the trade in question.
An executive order "Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria" ("FSE E.O.") by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria. This order strengthens the US Treasury's ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.