OFAC REMOVES SANCTIONS FROM PB TANKERS OF ITALY

On 3^rd July, it was announced that OFAC was delisting PB Tankers S.p.A.   OFAC had designated PB Tankers on April 12^th for operating in the oil sector of the Venezuelan economy.   As a part of this designation, 6 vessels were identified as blocked property in the interest of PB Tankers – one vessel, named the Silver Point, having been used to deliver oil products from Venezuela to Cuba.  Following its designation, PB Tankers terminated its charter agreement with Cubametales, which had chartered the Silver Point, and OFAC says that PB Tankers has taken steps to ensure that its vessels are not complicit in assisting the Maduro regime in Venezuela.  OFAC stresses that this delisting demonstrates that US sanctions need not be permanent; sanctions are intended to bring about a positive change of behaviour, and the US has made clear that the removal of sanctions is available for persons designated who take concrete and meaningful actions.

https://home.treasury.gov/news/press-releases/sm722

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190703.aspx

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 View all posts by raytodd2017