Department Of The Treasury News

The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap.The Treasury also imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in Russian oil trade.The Group of Seven (G7) industrialized countries last year imposed a price cap of $60 per barrel on Russian oil shipments in…

The Federal Maritime Commission approved a settlement agreement reached between its Bureau of Enforcement (BoE) and Hapag-Lloyd AG (Hapag-Lloyd) where the ocean carrier will pay a $2 million civil penalty to address alleged violations related to their detention and demurrage practices.“To restore full confidence in our ocean freight system, vigorous enforcement of FMC rules is necessary. Specifically, we must ensure powerful ocean carriers obey the Shipping Act when dealing with American importers and exporters.

As we take a breath and collectively step into 2021, I’m choosing to be optimistic and focus on the opportunities ahead. Trust me, that’s not easy to say. Even as we are still experiencing a global pandemic which has devastated both the health and financial safety of our families, friends, employees, businesses, and communities. We may be down, but I say don’t lose hope.Stronger togetherAs President of the Passenger Vessel Association (PVA) and President of my family’s business…

The United States has told European allies it plans to impose sanctions on a Russian pipe-laying ship, "Fortuna", involved in construction of the Nord Stream 2 gas pipeline from Russia to Germany, German business daily Handelsblatt reported on Monday.The U.S. administration told government officials in Berlin and other European capitals on Monday that the sanctions would go into effect on Tuesday as part of the Countering America's Adversaries Through Sanctions Act (CAATSA), the newspaper added.It said the sanctions would be imposed on the ship and its owner, KVT-RUS.Nord Stream 2, designed to double capacity of the existing undersea Nord Stream gas pipeline…

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.

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.

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.

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.

Yesterday U.S. President Donald J. Trump issued an executive order enhancing economic sanctions on Iran, targeting the country's leadership. The executive order, in its entirety, follows:By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 212(f) of the Immigration and Nationality Act of 1952 (8 U.S.C. 1182(f)), and section 301 of title 3, United States Code,I, DONALD J.

A shipment of artisanal charcoal made its way from Cuba to Port Everglades aboard Crowley’s container ship K Storm, marking the first truly commercial shipment from a Cuban cooperative to a private U.S. business since the U.S.-Cuba trade embargo was imposed more than 50 years ago. Crowley was the first U.S. carrier to obtain a license from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury to provide regularly scheduled common carrier services for licensed cargo from the U.S. to Cuba. Crowley launched its Cuba service in December 2001, becoming the first U.S. carrier to reenter the country in nearly 40 years, and has maintained a regularly scheduled service ever since, currently operating from Port Everglades in Florida.

Around 50 ships owned by or related to North Korea have reflagged in Tanzania since the United Nations Security Council adopted its strongest-ever resolution on the country in March, in an apparent attempt to circumvent the sanctions. "The change of nationality into Tanzania comes in violation of the UNSC resolution," a report in Korea Herald said, indicating Resolution 2270's ban on North Korean ships sailing under the flag of other countries. The group of vessels includes one ship blacklisted by the U.N.'s sanctions committee and the U.S. Department of the Treasury, the Washington, D.C.-based NK News said, citing European shipping database Equasis and Port State Control.

U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme. The sanctions were handed down on Kuo in January 2012 for providing over $25 million in refined petroleum products to Iran between late 2010 and early 2011.

The dirty money can and does wash ashore on the waterfront. Despite all the jokes about having a washing machine full of soapy hundred dollar bills, the U.S. Government takes money laundering very, very seriously. Anti-Money Laundering (AML) laws include substantial fines and possible prison time and places the onus for recognizing and reporting money laundering squarely on the shoulders of financial institutions. And yet, we don’t necessarily associate ‘dirty money’ with the mundane world of moving cargo or people from point ‘a’ to point ‘b.’ If so, that’s probably a mistake.

Carnival Corp. granted U.S. Carnival Corporation & plc said that the U.S. Department of the Treasury and the U.S. Department of Commerce granted approval for the company to begin travel to Cuba. Carnival Corporation intends to take travelers to Cuba beginning in May 2016 via its newly launched fathom brand – a new social impact travel brand providing purpose-oriented, social impact experiences, initially in the Dominican Republic. Carnival Corporation intends to operate fathom travel itineraries directly to Cuba for the purpose of providing cultural…

Iran Continues to Dominate U.S. Since last year’s update appeared in the May 2012 issue of Maritime Reporter & Engineering News, Iran has continued to dominate U.S. sanctions headlines. Significant actions by both the U.S. Congress and Department of the Treasury’s Office of Foreign Assets Control (OFAC) over the past year have increased sanctions against Iran substantially, and further initiatives are pending. Our 2013 update concentrates on these key developments, with particular focus on Iran sanctions of interest to the maritime community.

Crowley Sends First Articulated Tug-Barge to Guantanamo Bay to Deliver Fuel at U.S. Naval Base. Crowley Maritime Corporation’s shipping services to Cuba reached another milestone this past weekend with the first delivery of petroleum products to the U.S. Naval Station in Guantanamo Bay via articulated tug-barge (ATB) tank vessel. The cargo was loaded in San Diego, Calif., and transported to Cuba aboard Crowley’s ATB Coastal Reliance / 550-4. The fuel delivery was made in support of Crowley customer Military Sealift Command (MSC)…

The primary focus of last year’s annual update, which appeared in the April 2011 issue, was U.S. efforts to tighten economic sanctions against Iran. Over the past year, U.S. pressure on Iran has intensified. Syria also has been a target of new U.S. sanctions, while the sanctions against Libya imposed in early 2011 have been eliminated for all practical purposes by a series of general licenses. Our 2012 update concentrates on these key U.S. developments, but readers should be aware that these were not the only recent changes to U.S. and international sanctions programs.

The primary focus of last year’s annual update, which appeared in the April 2010 issue, was U.S. efforts to tighten economic sanctions against Iran. The last several months have seen these efforts come to fruition, as well as imposition of new sanctions affecting Libya, North Korea, and Somalia. Our 2011 update concentrates on these key developments, but readers should be aware that these were not the only changes to sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) over the past year. As always, remaining abreast of all applicable embargoes and sanctions must be a priority for international businesses. U.S. Developments. On July 1, 2010, long sought amendments to the Iran Sanctions Act (“ISA”) became law.

To clarify and expand upon the item in yesterday’s newsletter regarding entry into Cuban waters, the new U.S. Coast Guard regulation prohibits vessels of less than 100 meters in length that are subject to U.S. jurisdiction from traveling to and entering Cuban territorial waters unless such vessel shall first have obtained a written permit from the Commander, Seventh Coast Guard District. When requesting such permit, the applicant must show that it has a valid and applicable license issued by the U.S. Department of Commerce for export of the vessel to Cuba and a valid and applicable license issued by the U.S. Department of the Treasury authorizing travel-related transactions in Cuba. Unauthorized departures may result in a civil penalty of up to $25,000 per day.

The U.S. Department of the Treasury issued the current list of countries which may require participation in, or cooperation with, an international boycott that is inconsistent with U.S. law. The current list consists of: Bahrain, Kuwait, Lebanon, Libya, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, and the Republic of Yemen. 69 Fed. Reg. 42085 (HK Law).

By Barbara D. Recent changes to U.S. economic sanctions programs have resulted in both new opportunities and new restrictions for offshore service vessel operators. In April, the United States substantially reduced restrictions on trade with Libya. However, these actions were followed in early May by the imposition of a new embargo against Syria. In addition, over the past several months, many additional individuals and entities have been designated as subject to trade sanctions, and the Secretary of Homeland Security has been granted authority to take various measures to prevent the unauthorized entry of vessels into Cuban territorial waters.

The U.S. Department of the Treasury issued a Press Release stating that it is extending through 2005 the “make available” provision of the Terrorism Risk Insurance Act (TRIA). This provision requires certain insurers to make available in all their commercial property and casualty insurance policies coverage for losses due to covered acts of terrorism in a manner that does not materially differ from the terms, amounts, and other coverage limitations applicable to losses arising from events other than acts of terrorism. (HK Law).

By H. Fulbright & Jaworski L.L.P. When the Congress returns to Washington in September, the attention of the Members and of industry representatives will be focused on renewing authorizations for two important maritime programs, the MARAD Title XI Program, and the MARAD/DOD Military Security Program. However, there is a third MARAD program that is at least equally deserving of this September's attention, it is MarAd's Capital Construction Fund ("CCF") Program. 1. CCF Tax Deferral Program: History, Scope & Terms. The CCF Program traces its history to the Revenue Act of 1920. Title VI of the Merchant Marine Act, 1936 ("1936 Act") authorized the creation of "regular" and "special" reserve funds into which U.S. citizen liner operators, that were engaged in providing U.S.