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Office Of Foreign Assets Control News

08 Nov 2023

US Working with Allies Over Sanctions on Russian Arctic LNG Project

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The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday.The U.S. imposed sanctions last week on the Arctic LNG-2 project in Russia as part of wide-ranging measures to punish Moscow for the war in Ukraine. The Office of Foreign Assets Control, part of the Treasury Department, also issued a general license that authorizes the wind down of transactions involving Arctic LNG-2, through Jan.

18 Oct 2023

Oil Tanker Hit by US Sanctions Heads to Texas for Unloading - Exxon

An oil tanker that the U.S. government imposed sanctions on for recently carrying Russian oil above the Western price cap is proceeding to the Baytown refinery in Texas for unloading, Exxon Mobil said on Tuesday.Exxon, the current charterer of the Yasa Golden Bosphorus, was not targeted by the sanctions last week since the oil producer chartered the tanker months after it had carried and offloaded Russian oil, a price cap coalition official after the U.S. imposed the sanctions on the tanker.The unloading by Exxon has been authorized by the U.S. Treasury Department's Office of Foreign Assets Control, the company said in a statement. The deliveries are certified products of Canadian origin, according to Exxon.The U.S.

10 Aug 2023

Cuban Oil Tankers Becoming Regular Visitors to Mexican Ports

Cuba has begun using its own tankers to ramp up crude imports from Mexico, which in the second quarter surpassed Russia as a key oil provider to the fuel-thirsty island, according to vessel monitoring data.Following days-long lines to fill drivers' tanks and power blackouts, the communist-run nation saddled with harsh U.S. economic sanctions has broadened its sources of oil imports in a move to ease fuel scarcity, replenish stocks and reduce dependence on its traditional and largest supplier, Venezuela. Washington has also sanctioned Venezuela's oil industry since 2019 over election-fraud claims.Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba.

01 May 2023

Venezuelan Oil Gets More US Buyers as Chevron Steps Up Loadings

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Chevron Corp has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc and Marathon Petroleum Corp to its list of customers for the crude, vessel tracking and loading schedules showed.U.S. Gulf Coast refiners, which historically processed Venezuelan oil, have shown a renewed appetite for the heavy sour crude grade after Chevron late last year received authorization from the U.S. Treasury Department to expand its operations in Venezuela and resume oil shipments to the U.S. after a four-year pause.Chevron, the last big U.S.

09 Nov 2022

US Allows Transactions to Free Sanctioned Oil Tanker Stranded in Indonesia

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The U.S. government has allowed some transactions to take place with a sanctioned oil supertanker in efforts to free the vessel stranded in Indonesian waters, the U.S. embassy in Singapore said on Wednesday. The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline. The U.S. last week issued sanctions against an international oil smuggling network it said supports Hezbollah and Iran's elite Quds Force…

05 May 2022

Fiji Seizes Russian Oligarch Kerimov's $300M Yacht

Authorities in Fiji have seized a $300 million yacht of Russian oligarch Suleiman Kerimov at the request of the United States, the U.S. Justice Department said on Thursday, as Washington and its allies press Russia over its invasion of Ukraine.A Fiji court had ruled on Tuesday that the United States can seize a Russian-owned superyacht, weeks after it arrived and was impounded by police. Authorities in various countries have seized luxury vessels and villas owned by Russian billionaires in response to sanctions imposed on Russia over its invasion of Ukraine, which Russia calls a special military operation.Kerimov was sanctioned by the United States in 2014 and 2018 in response to Russia's actions in Syria and Ukraine. He has also been sanctioned by the European Union.The U.S.

12 Jul 2021

US Okays LPG Exports to Venezuela

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The U.S. government on Monday authorized shipments to Venezuela of liquefied petroleum gas, mainly used in the OPEC nation as cooking fuel and currently in short supply, causing people to burn large amounts of wood.The U.S. Treasury Department authorized through July 8, 2022, some exports and re-exports of the gas, known as LPG, to Venezuela that had not been permitted by executive orders in 2018 and 2019 during the Trump administration.The Office of Foreign Assets Control, part of the Treasury Department…

30 Apr 2021

Mexican Yard Services US-sanctioned Tankers that Carry Venezuelan Oil

Three Cuban-flagged tankers that are under U.S. sanctions for transporting Venezuelan oil to the Communist-run island have been serviced in the port of Veracruz on Mexico's Gulf coast, according to vessel tracking data and industry sources.The maintenance work on the vessels—one of which was serviced as recently as this month—is a potential breach of sanctions on Venezuela, two lawyers who specialize in U.S. sanctions said.However, the United States has in the past not brought enforcement actions against shipyards for doing work on blacklisted vessels from those countries, according to U.S. Treasury Department data.Under U.S. law, companies and individuals are prohibited from materially assisting sanctioned entities.

19 Jan 2021

US Blacklists Tankers, Oil Traders Undermining Venezuela Sanctions

The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington's sanctions on the South American nation.The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro, whose 2018 re-election Washington called a sham, broker the sale of hundreds of millions of dollars in Venezuelan oil."Those facilitating the illegitimate Maduro regime's attempts to circumvent United States sanctions contribute to the corruption that consumes Venezuela," Treasury Secretary Steven Mnuchin said in a news release.The Treasury said its Office of Foreign Assets Control…

12 Nov 2020

Conflicts of Laws: Blocking Statutes and Antiboycott

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This article will focus on conflicts of laws stemming from the EU Blocking Statute and U.S. antiboycott law, both of which are intended to prevent parties from complying with a disfavored sanctions regime. The article will highlight some of the inherent conflicts in dealing with multiple conflicting sanctions regimes. It follows our comprehensive summary of sanctions and shipping, which covered several of the issues herein in some detail.Antiboycott law: in generalAntiboycott law is essentially the inverse of sanctions law.

26 Oct 2020

Noncomprehensive Sanctions: Venezuela, Global Magnitsky, Hong Kong

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This article will focus on “noncomprehensive sanctions,” which target “Specially Designated Nationals” (SDNs), but otherwise do not prohibit most trade between the U.S. and the target country (if any). While there are multiple noncomprehensive sanctions programs, we will focus on three: Venezuela (which can be thought of as quasi-comprehensive), Global Magnitsky (human rights) and Hong Kong. Russia also has a substantial noncomprehensive sanctions program, which we will address in a later article.NONCOMPREHENSIVE SANCTIONS PROGRAMS: IN GENERALThe U.S.

13 Oct 2020

US Sanctions 101

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This article will focus on U.S. sanctions generally, including the definition of “U.S. persons,” the application of the facilitation rules, the difference between primary and secondary sanctions, the 50% rule and various maritime advisories. The article will conclude with a few frequently asked questions."Traditionally, U.S. sanctions applied only to “U.S. persons,” which generally means a U.S. citizen or permanent resident; an entity organized in the U.S. (including foreign branches); and anyone in the US."U.S. sanctions overviewTraditional U.S.

28 Aug 2020

Shipping Community Beware; Sanctions Scrutiny is Stepping up a Gear

Earlier this year, The U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard issued a new advisory to provide those engaged or involved in trade in the maritime industry with further information and tools to counter illicit shipping and sanctions evasion.The advisory is representative of the U.S. Government’s increasingly detailed efforts towards addressing these issues, as illustrated by OFAC’s recent sanctions actions which show a trend of incremental but clear extension of oversight.

19 Aug 2020

US Looks to End Exemptions on Venezuela Oil Sanctions

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The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer's oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro.U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the…

02 Jul 2020

US Lifts Some Venezuela-related Sanctions

The United States on Thursday lifted sanctions on Marshall Islands-based Delos Voyager Shipping Ltd and Greece-based Romina Maritime Co Inc that had been imposed last month over accusations the companies operated in the Venezuelan oil sector.The U.S. Treasury Department’s action lifted Venezuela-related sanctions on four companies, including Marshall-Islands based Adamant Maritime Ltd and Sanibel Shiptrade Ltd, as well as on four vessels.The move, which follows the delisting last month of other Greece- and Marshall Islands-based shipping firms, removed the remaining Greece-based companies blacklisted in June for transporting Venezuelan oil from the U.S.

15 Jun 2020

Petrobras Will Not Hire Tankers That Visited Venezuela

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Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin American nation.The United States this year blacklisted oil tankers and shipping companies over their dealings with Venezuela, seeking to drain oil revenues that sustain the rule of Venezuelan President Nicolas Maduro. Washington has said it could add to its sanctions list…

28 May 2020

US Maritime Sanctions Advisory: Navigating Choppy Waters

A North Korean-flagged tanker conducts a ship-to-ship transfer with a vessel of unknown nationality in November 2019. (File photo: Japanese Ministry of Defense)

In May 2020, the US Department of State, US Department of the Treasury’s Office of Foreign Assets Control (OFAC), and US Coast Guard issued a joint Sanctions Advisory for the Maritime Industry. The advisory builds on and expands several prior sanctions advisories for the maritime community issued in 2018-19.The advisory is intended as a guidepost to help participants in the maritime sector achieve the desired level of compliance. Most of the guidance is couched in the language of suggestion (e.g., parties “may wish to consider…”), rather than as a mandate.

27 Nov 2019

U.S. Assures Banks on COSCO Shipping Sanction Rules

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The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on Chinese shipping companies it had previously sanctioned for allegedly transporting oil from Iran, in a move meant to blunt the impact of the sanctions on global shipping markets.The administration slapped sanctions on Sept 25 on Dalian units of Chinese shipping company COSCO, a move that pushed global freight costs to record highs. The Treasury Department's Office of Foreign Assets Control, or OFAC, said in the guidance on Wednesday it "would not expect the intermediary U.S.

23 Oct 2019

Yamal LNG Tanker JV No Longer Under Sanctions

Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, is no longer subject to U.S. sanctions after a change of ownership at its partner China LNG Shipping (Holdings) Ltd, Teekay companies said late on Tuesday.Teekay LNG and China LNG Shipping each own half of Yamal LNG Joint Venture.

22 Oct 2019

Teekay Resolves China LNG JV Issues

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm, has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping Holdings.The  JV had been then designated as a "blocked person" under U.S.

24 Sep 2019

U.S. Slaps Sanctions on Firms Moving Venezuelan Oil to Cuba

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The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport.Despite tough U.S. measures against Venezuela's state-owned oil company PDVSA in January, Cuba's state-run oil import and export company Cubametales and other Cuba-based entities "have continued to circumvent sanctions by receiving oil shipments from Venezuela…

22 Mar 2019

US: Russian Ship Suspected of Aiding N.Korea

The U.S. government has named a Russian ship on a list of vessels suspected of providing fuel to Pyongyang, a month after Reuters reported the same ship violated sanctions by carrying out a clandestine transfer to a North Korean tanker.The Treasury Department, which oversees U.S. sanctions, included the Russian vessel, the Tantal, on a new list of "vessels believed to have engaged in ship-to-ship transfers with North Korean tankers."The list was included in updated https://www.treasury.gov/resource-center/sanctions/Programs/Documents/dprk_vessel_advisory_03212019.pdf guidance on addressing North Korea's illicit shipping practices published by the Treasury's Office of Foreign Assets Control (OFAC).

23 Feb 2018

US Targets 28 Vessels in New North Korea Sanctions

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The United States targeted North Korea in a new wave of sanctions on Friday directed at one person, 27 companies and 28 vessels, according to a statement on the U.S. Treasury Department's website.   The Treasury's Office of Foreign Assets Control announced the new measures, which are designed to disrupt North Korean shipping and trading companies and vessels and to further isolate Pyongyang.     (Reporting by Doina Chiacu Editing by Chizu Nomiyama)