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Office Of Foreign Asset Control News

13 Mar 2024

Second Russian Tanker, Hit by Sanctions, Docks in China

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Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel Sokol crude cargo at the Chinese port of Huanghua near Cangzhou city in Hebei province.The Dongying port authority declined comment when contacted by Reuters.

07 Mar 2024

Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil

© Vallehr / Adobe Stock

The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week, shipping data showed, following fresh U.S.

23 Feb 2024

US Imposes Sanctions on Russia's Leading Tanker Group Sovcomflot

© Andriy Sharpilo / Adobe Stock

The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil, or other cargoes, from the vessels for 45 days."Sovcomflot as a whole…

02 Feb 2020

US Lifts Sanctions on COSCO's Dalian Unit

© Anatoly Menzhiliy / Adobe Stock

The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington.President Donald Trump's administration on Sept. 25 blacklisted two units of COSCO, named after the northeastern Chinese port of Dalian. The move sent worldwide freight costs to record highs and disrupted the global shipping market.The U.S.

26 Nov 2017

A BP North Sea field to test U.S. policy on Iran

A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company. For Serica, the $400 million deal will increase its production sevenfold. It nevertheless hinges on the British company receiving a licence from U.S. sanctions enforcement authorities at a time when President Donald Trump is flexing his muscles against Tehran. For BP and its American Chief Executive Bob Dudley, selling Rhum, which BP discovered in the 1970s, removes a potential source of friction as it mends its ties with the U.S.

30 Jan 2017

Florida Ports Drop Plans to Ink Pacts with Cuba

The news comes as Cuba watchers are looking closely for signs of how the United States' fragile detente with Cuba will fare under President Donald Trump. "Disappointed some (Florida ports) would enter into any agreement with Cuban dictatorship," Scott wrote on Twitter on Wednesday. "I will recommend restricting state funds for ports that work with Cuba in my budget. Port authorities along the U.S. Southern coast are strong proponents of increased trade and travel with Cuba, and some have expressed interest in using Mariel, located on the northwest coast of the Caribbean island, as a transshipment hub. The Ports of Everglades and Palm Beach had been planning to sign agreements with Cuba during the visit of a Cuban trade delegation this week but said they decided to withdraw the deals.

21 Oct 2011

GMATS Announces New Curriculum

GMATS to expand global supply chain and maritime security curriculum. As a foundation of the Global Maritime and Transportation School's expanding Global Supply Chain and Cargo Security curriculum, the Fundamentals of Importing and Exporting is an essential two-day course that will give the student a basic understanding of importing into and exporting out of the United States. This course is designed to provide an awareness of the many regulations, laws, processes, and principles involved in global trade, and from the perspective of the United States.