OFAC recently issued an “Advisory to the Maritime Petroleum Shipping Community” reiterating in the strongest terms the sanctions risks for shipowners, marine insurers and bunker suppliers related to the carriage of petroleum and associated products from Iran.
Notices to Members
Notices to Members 24 Sep, 2019No. 9 2019/2020 - US Sanctions on the Government of Venezuela & Petroleos de Venezuela, S.A. (PdVSA)
The US administration increased its sanctions programme against the Government of Venezuela, with Executive Order 13884 which blocks all property in the US of the Government of Venezuela, and prohibits US persons from engaging in any transaction with the Government of Venezuela.
Notices to Members 03 Sep, 2019No. 8 2019/2020 - Guidance on the United States Sanctions Compliance Programmes published by OFAC
On 3rd May, 2019, OFAC published a framework which sets out its views of the essential elements of an effective economic sanctions compliance programme.
Notices to Members 08 Aug, 2019No. 7 2019/2020 - Change to the Mutual Call Structure
From 20th February 2020 the Club’s calling mechanism will be brought into line with the rest of the International Group by merging the reinsurance rate into the mutual call.
The Club's principal source of information about sanctions and provides links to documents and contact details at the Managers' offices for guidance in respect of Club cover and sanctions. More here
The shipping industry faces a major challenge in complying with the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI as from 1 January 2020. This webpage provides resources from the Club and elsewhere to help guide Members in meeting those obligations.