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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.

 

US lawmakers pass new Iran sanctions bill

A bill that calls for the imposition of sanctions on ports, vessels, shipping companies and refineries that knowingly process or carry Iranian oil or productions passed the US House of Representatives on Saturday and will likely be signed into law this week

Ship detained in Russia timber sanctions probe leaves Rostock

The general cargoship diverted to Rostock after a propeller malfunction and was held by German authorities investigating the cargo of wood it was carrying from Russia to Baltimore

Thai chemical company settles ‘apparent violations’ of Iran sanctions for $20m

Ofac says SCG Plastics caused US financial institutions to unknowingly process $300m in sales of Iranian high-density polyethylene resin by falsifying shipping documents, with the settlement underscoring the agency’s intent to penalise companies that conceal such activity by sanctioned entities

Where do Russia’s blacklisted ships trade?

Sanctions are a key tool for Western governments to damage Russia’s economy. The US has been actively targeting ships and, while this successfully forces changes in behaviour, many vessels are still able to do business freely, thereby revealing the limits of these restrictions

Sanctions shuffle begins anew for Venezuela’s tanker trades

Venezuelan crude exports, which previously went to India, could head to China instead. Product imports that previously came from the US will be sourced from Russia or Iran. While US product exports, which previously went to Venezuela, could go to Brazil and Mexico

Sun sets on Venezuela oil sanctions relief as US opts to let licence expire

Sanctions on Venezuela’s oil and gas sector will resume on Thursday after the US chose not to renew a licence issued in October. The US has repeatedly warned it will let the measure expire unless president Nicolas Maduro delivers on his end of an electoral agreement road map signed in October

US-sanctioned ship with unknown flag and insurance had ‘right of innocent passage’, says Denmark

Aframax tanker Osperous sailed through Danish Straits on April 3, nearly three months after it was sanctioned for breaching the G7 oil price cap on Russia, with class surveys overdue and expired class certificates

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Detained Rostock ship raises knotty sanctions questions

The detained Atlantic Navigator II shows what happens when sanctions clash

Week in charts: GPS jamming sees ships show up at airports | Russian crude exports defy price cap | Ship carrying Russian timber held in Rostock

GPS jamming in the Mediterranean has surged recently, the G7 price cap imposed on Russian oil has been exceeded in March, plus German authorities detain a general cargoship carrying Russian timber in Rostock

US sanctions 13 tankers and LPG carriers ferrying Iranian commodities

Latest round of Ofac actions sees 13 ships, all linked to operator Oceanlink Maritime DMCC, blacklisted for shipping Iranian commodities for the benefit of Iran’s armed forces. Latest additions mean Ofac has blacklisted two dozen ships for Iranian links since January, illustrating Washington’s renewed focus on Tehran’s energy exports

Russian crude exports defy G7 price cap during March

Average prices of Russian crude grades have exceeded the $60 per barrel cap for nine of the past 10 months, presenting a dilemma for US, UK and EU regulators keen to prevent sanctions circumvention yet also keep oil flowing

Iran’s oil exports sail to record post-sanctions first quarter as second Panama-flagged tanker exodus gets under way

Preliminary figures from UANI showing that Tehran shipped more oil in the first quarter than in any equivalent period since the reimposition of sanctions took full effect in April 2019. Meanwhile, UANI says 41 tankers have switched flag from Panama following pressure from US lawmakers and diplomats

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