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Sanctions Tankers and Gas Law

Ofac grants new licence in Tinos I case as legal battle continues

  • Licence issued amid dispute over legality of vessel’s maritime arrest and attachment
  • Tinos I’s lawyers argue the arrest and attachment of the vessel constituted illegal dealings in blocked property
  • But Vitol’s team in response argues the maritime and attachment were above board regardless of the new licence
  • Vitol did not require a specific licence from Ofac to initiate proceedings against Tinos I, the agency said in a guidance to Vitol

  • Analysis

Ofac has issued a new licence authorising Vitol to carry out transactions in connection with the US-sanctioned VLGC Tinos I that may arise from its US court case and London arbitration proceedings against the vessel and its owners

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