'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.
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.
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:
The latest sanctions against Iran have been much publicized and are set against a backdrop of Iranian officials threatening to escalate the situation further by blocking the Strait of Hormuz. This alert focuses on the key developments and also provides an update on the sanctions against Syria.
Following the resolution adopted by the IAEA Board of Governors on November 18, 2011 ("IAEA Resolution"), the Korean government has announced an additional set of guidelines on December 16, 2011. The attached analysis provides a summary of Korea's new guideline ("Guideline"), and how it is expected to affect the private sector in doing business with Iran. This analysis replaces the earlier material published on the Club website.
In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran's suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.
This pdf document "Interim guidance to UK flagged shipping on the use of armed guards to defend against the threat of piracy in exceptional circumstances" sets out the UK government's policy on the use of armed guards onboard UK ships and the exceptional circumstances under which their use may be considered.
The publication of the International Atomic Energy Agency's latest report on Iran has prompted a fresh round of sanctions against Iran. The White House and U.S. Treasury took a series of actions yesterday to increase pressure on Iran. The biggest impact for the shipping industry would seem to be the new petroleum sector sanctions under Executive Order 13590, which are aimed at non-U.S. persons that provide support to Iran's energy sector. This briefing note also includes information on the UK's Financial Restrictions (Iran) Order 2011.
HM Treasury has imposed new financial restrictions against Iran. From 15:00 Monday 21 November 2011, all UK credit and financial institutions are required to cease business relationships and transactions with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran. This means that UK credit and financial institutions are prohibited from entering into transactions or business relationships with these entities and continuing existing transactions and business relationships with them, unless licensed to do so by HM Treasury.
Seasonal improvements in weather in the Indian Ocean off the African coast anticipate an increase in pirate activity in the region. Among the questions regularly asked by Members are what the cover and regulatory issues relating to armed guards.
Council Regulation (EU) No. 950/2011 on 24th September adds further names (six entities and two individuals) to the Syrian designated persons list and a prohibition on investment in the crude oil sector. The entities are Addounia TV, Cham Holding, El-Tel Co, Ramak Constructions Co, Souruh Company and Syriatel. The individuals are Tayseer Qala Awwad and Dr Adnan Hassan Mahmoud. Full details are set out in the Regulation, which is attached.
Two new advisories published this week provide up to date guidance for Members on protecting their ships against pirate attacks. A detailed advice and guidance on construction and use of citadels written by the shipping industry organisations who are signatories of Best Management Practice (BMP) with support from EUNAVFOR, CMF, NATO and UKMTO is being sent to Members. Also, the International Group FAQs on piracy have been revised, updated and published on the Piracy section of this website.
