OFAC REMOVES SANCTIONS FROM PB TANKERS OF ITALY

On 3rd July, it was announced that OFAC was delisting PB Tankers S.p.A.   OFAC had designated PB Tankers on April 12th 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

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