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).




Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Polar Code Afoot

The IMO is on the verge of adopting the Polar Code, something that is important and long overdue. The International Maritime Organization (IMO), a specialized agency of the United Nations,

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

Energy

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

Rowan Viking Rig Upgrade Completed

Damen Shiprepair Vlissingen, part of Damen Shiprepair & Conversion, has completed the upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Government Update

Polar Code Afoot

The IMO is on the verge of adopting the Polar Code, something that is important and long overdue. The International Maritime Organization (IMO), a specialized agency of the United Nations,

Algeria in Talks to Export Crude to Venezuela

Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week,

Joe Barton: Lift Oil Export Ban

A senior U.S. Congressman from Texas has come out in full support of the United States lifting the 40-year old ban on crude oil exports, putting him at odds with

Logistics

Evergreen Upgrades its Intra-Asia Service Network

Evergreen Line announced it will partner with Mariana Express in launching a joint South China- East Malaysia (SEM) Service. The new initiative will give a boost

Logistical Scenario Analysis for Hydrodynamic Applications

To calculate the operability of the whole logistics chain, rather than only individual operations, MARIN has developed the hydrodynamic scenario analysis program ScenSim.

Algeria in Talks to Export Crude to Venezuela

Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week,

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0922 sec (11 req/sec)