US Lifts Iran Economic Sanctions against ASM

Marinelink.com
Wednesday, March 05, 2014

On February 7, 2014, the United States, acting through the U.S. State Department (the foreign ministry of the United States) terminated all economic sanctions imposed against Associated Shipbroking, Monaco (ASM), under the U.S. economic sanctions against Iran, after determining that ASM met and satisfied the criteria for the termination of sanctions under relevant U.S. economic sanctions laws. Specifically, the State Department determined that ASM was no longer engaged in sanctionable activities, and that it is not likely that ASM will engage in such activities in the future. The State Department, accordingly judged that the termination of sanctions against ASM was appropriate.  


The Eren Law Firm, Washington, DC, led by former U.S. Treasury/OFAC officials, Hal Eren and Steven Pinter, advised and represented ASM in its petition to the State Department and in the process for the termination of the sanctions imposed against ASM and brought the matter to successful conclusion.


On May 24, 2011, the U.S. State Department imposed U.S. economic sanctions against ASM and six other companies under the Iran Sanctions Act (ISA) of 1996, as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA) of 2010, for their activities in support of Iran's energy sector.


These were the first sanctions imposed by the United States for refined-petroleum related activities under ISA since it was amended by CISADA.  By imposing these sanctions, the State Department sent a stern and clear message to companies around the world: those who continue to irresponsibly support Iran's energy sector and help facilitate Iran's efforts to evade U.S. sanctions will face serious consequences.


Sanctions were imposed against Tanker Pacific (Singapore), Ofer Brothers Group (Israel), and Associated Shipbroking (Monaco) for their respective roles in a September 2010 transaction that provided a tanker valued at $8.65 million to the Islamic Republic of Iran Shipping Lines (IRISL), an entity that had been designated by the United States, and the European Union for its role in supporting Iran's proliferation activities.


With the imposition of sanctions, as it concerns ASM, the State Department determined that ASM knew, or that through due diligence, "it should have known" that it was acting acted on behalf of or with an IRISL front company.  With the imposition of sanctions against ASM, ASM was prohibited from U.S. foreign exchange transactions, U.S. banking transactions and all U.S. property transactions.  ASM's assets in the United States were blocked and it was cut-off from any business with the United States or with U.S. persons.   As a result, ASM was also put on the SDN List (blacklist) of the U.S. Treasury Department, Office of Foreign Assets Control (OFAC).





Legal

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

Hapag-Lloyd Shareholders Okays Merger with UASC

Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the  share capital increase needed

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Energy

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

ABS Makes it Safer to ‘Walk to Work’

ABS announced the publication of The ABS Guide for Certification of Offshore Access Gangways. The new Guide addresses certification for safety systems used for “walk to work” (W2W) crew transfers.

Government Update

White House: Iranian Ships' Actions in Gulf Increase Risk of Miscalculation

Actions by Iranian vessels in several encounters with U.S. warships in the Gulf this week are cause for concern and increase risks of miscalculation, the White House said on Friday.

Cochin Port Gets a Little 'Breathing Space'

The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government

Iran Vessels Make 'High Speed Intercept' of US Ship

Four of Iran's Islamic Revolutionary Guard Corps (IRGC) vessels "harassed" a U.S. warship on Tuesday near the Strait of Hormuz, a U.S. defense official said, amid

Logistics

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0761 sec (13 req/sec)