On February 9, Singapore’s Unicious Energy Pte Ltd was among nine companies targeted by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for facilitating the sale and shipment
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) last week designated two individuals and three entities for activities related to the exportation of petroleum to the Democratic People’s
Finnish broadcaster YLE reports that the Finnish Ministry for Foreign Affairs has denied Helsinki Shipyard an export license for an icebreaker on order for Russian mining firm Norilsk Nickel. Norilsk Nickel is
Wärtsilä Corporation is to write-off approximately EUR 200 million (about $217 million) related to assets and business operations in Russia. A statement released by the company today says: “Wärtsilä strongly condemns the
Spain’s Guardia Civil today executed a Spanish court order freezing the motor yacht Tango, a 255-foot luxury yacht owned by sanctioned Russian oligarch Viktor Vekselberg. The Tango (IMO number 10107030 is believed to be worth approximately
As Russian aggression in Ukraine continues, more organizations are continuing to cease providing services to Russian-controlled entities. Today, classification society Lloyd’s Register (LR) said it is disengaging from provision of all services
The U.S. Treasury’s Office of Foreign Asset Controls (OFAC) has issued an extensive list of Russian entities and individuals subject to economic sanctions imposed in response to Russian actions in Ukraine. Among
Mutual insurer Skuld notes that cargo trackers have noticed increased ship-to-ship (STS) transfers at sea, most commonly off Malaysia, Africa and in the Caribbean, as sanctioned countries such as Iran and Venezuela
U.S. authorities have yet to lay their hands on the alleged owner and operator of a tanker at the center of a sanctions busting scheme, but they have the ship. On Friday,
While sanctions-busting countries continue to find new way to cloak their maritime activities, the shipping industry faces increasing sanctions compliance requirements from agencies such as the U.S. Treasury’s Office of Foreign Assets