US TREASURY ISSUES ADVISORY TO THE OIL SHIPPING SECTOR

On 20th November, the US Treasury issued an advisory to the maritime petroleum shipping industry alerting it to the significant US sanctions risks for parties involved in petroleum shipments to Syria.   These shipments create significant sanctions risk for entities and individuals in the shipping industry, including insurers, shipping companies, financial institutions, and vessel owners, managers, and operators.  It says that countries such as Iran and Russia have been involved in providing Syria with petroleum, and those who facilitate the financial transfers, logistics, or insurance associated with these or other petroleum shipments are at risk of being targeted by the US for sanctions.

It says that the US prohibits virtually all trade and other transactions directly or indirectly by US persons with the Government of Syria, and has the authority to sanction entities or individuals who provide support to the Government of Syria — including those who deliver or finance petroleum shipments to the Syrian government or government-owned entities, such as the US-designated Syrian Company for Oil Transport or Banias Refinery Company.

 

It refers to the various kinds of deception used in shipping oil products to Syria and suggests some risk mitigation measures.

An annex to the Advisory lists those vessels said to have delivered product to Syria 2016-2018.

https://www.treasury.gov/resource-center/sanctions/Programs/Documents/syria_shipping_advisory_11202018.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s