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.
OFAC update of FAQs on Iran Freedom and Counter-Proliferation Act of 2012 - July 1st 2013
On June 3, 2013, the President signed an Executive Order (E.O.) "Authorizing the lmplementation of Certain Sanctions Set Forth in the lran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions With Respect to Iran." The E.O. implements certain statutory provisions of the lran Freedom and Counter-Proliferation Act of 2012 (IFCA) and authorizes the imposition of additional sanctions with respect to Iran. Most of the IFCA provisions target conduct occurring on or after July 1,2013. The E.O. becomes effective on July 1,201 3. [06-03-13]
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:
The EU Foreign Affairs Council recently published new prohibitions contained in Council Decision 2012/635. The full text of that Decision can be viewed in our International Sanctions section. These new FAQs from the International Group provide a summary of the Decision's key provisions that could affect Members.
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:
New European Union Measures against Iran - Council Regulation 267/2012 dated 23 March 2012 - Frequently Asked Questions - Updated on 14th August 2012.
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.