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Sanctions

Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government.

 

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Ofac hands out more sanctions as it targets Houthi weapons smuggling

Marshall Islands-based Gemini Marine has seen two of its vessels sanctioned by Ofac and has ended up on the Specially Designated Nationals list itself, joined by three Chinese companies

Hezbollah financier linked with Iran-trading tanker fleet assassinated in air strike, IDF says

Israel says it has assassinated a prominent Hezbollah operative that facilitated oil sales on behalf of Hezbollah and the IRGC-Qods Force

Panama announces crackdown on ‘illicit activity’ and flag-hopping ships

Panama has deflagged dozens of tankers and gas carriers linked to sanctioned trades since January following pressure from US lawmakers. The new administration, which took office this summer, is signalling its intent to stay on the side of US regulators

US Russia sanctions more effective at halting tankers than EU or UK

While sanctions have had some success in leaving some tankers unemployable — at least temporarily — sanctioned crude exports globally are now at a six-year high

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UK follows in US steps with fresh sanctions against five LNG carriers

The UK is moving in lockstep with the US as the allies push to choke off Russia’s flagship Arctic LNG 2 project. On Wednesday, the UK announced sanctions against five LNG carriers linked with the project, four of the which were recently targeted by the US

High costs and sanctions fears throw up roadblocks for China’s Russian oil imports

Eroded discounts of Russian grades amid poor refinery margins in China and increasing compliance risks are creating headwinds

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US targets network linked to sanctioned Syrian sentenced to UK prison as fresh ship designations mirror Israeli warrants

The US has announced fresh sanctions against two networks that shipped Iranian oil for the benefit of Hezbollah and the IRGC. Among the targets were three ships also sanctioned by Israel, and Luay al-Mallah, brother of sanctioned Syrian ‘shipping magnate’ Abdul Jalil Mallah, who was sentenced to prison by a UK court in May

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Broadening sanctions heighten compliance pressures for Asian shipping and finance

The expansion of sanctions has compelled Asian maritime companies and financiers to carry out more checks on deals

Small registries grow at record pace as flag-hopping tankers play regulatory game of ‘whack-a-mole’

Antigua and Barbuda, Barbados, Guyana, Honduras, Sierra Leone, San Marino and Sierra Leone among registries taking on business from dark fleet* tankers seeking third or fourth flag in past two years

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Critical compliance tool compromised by GPS jamming

Deliberate GPS interference is not unusual in conflict zones and other high-risk areas. While its purpose is often defence related, it has real consequences for industry professionals that rely heavily on AIS to make compliance-related decisions

Finland warns of dark fleet ‘catastrophe’ in Baltic Sea

Finnish Shipowners’ Association’s head of maritime policy and safety says the effect of any spill would be compounded if it happened during icy conditions, and admitted it would be Finland that would likely have to pick up the tab

Norway’s Ro Marine investigates ‘dark trading’ of newly insured Iran-linked LPG carriers

Ro Marine said it is sending inspectors to each vessel to check logbooks and talk to crew after it was revealed the ships were formerly part of a fleet linked to transporting hundreds of millions of dollars of propane and butane, while engaged in deceptive shipping practices

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