An article on Insurance Maritime News on 23 April reports that a partner and associate at law firm Clyde & Co have written on Sanctions Considerations for Maritime Arbitrators. They note that, in recent months the US had increased the force and scope of its sanctions regimes and had targeted the shipping sector in particular, directing a “maximum pressure” campaign on enforcement of Iran and Venezuela sanctions. It is said to be necessary for arbitrators to recognise the risk and to consider the due diligence and other requirements necessary to comply with the relevant sanctions – and the article from Clyde has summarised some potential pitfalls, illustrating how sanctions risk could arise in maritime arbitration – for example, that one of the entities or persons in the dispute is listed as a SDN by OFAC under a sanctions regime, which could be a shipowner, charterer, manager, cargo shipper, intermediate cargo owner or cargo consignee or end-receiver.
The Clyde Alert is at –
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