Further to our News Item of 6 December 2018, OFAC has released two further advisory notices concerning sanctions against Syria and North Korea (DPRK).
The Syria advisory once again warns in the strongest possible terms against the supply and carriage of petroleum cargoes to the Syrian Government and any other entity on the SDN list, making it abundantly clear that the U.S. authorities will aggressively pursue any entity - regardless of their location - whom they suspect of undertaking sanctionable activity. A copy of the latest advisory can be found here and a helpful Client Guide from the Club's U.S. attorneys Freehill Hogan & Mahar on its impact can be found here.
Likewise, the DPRK advisory warns against undertaking sanctionable activity with North Korea and also describes the deceptive practices employed in an effort to draw unsuspecting parties into those trades. A copy of that advisory can be found here.
Members are again reminded that undertaking trade in in breach of U.S. sanctions may potentially open the carrier to the full force of penalties from the U.S. authorities, which will at best affect the future trading of the vessel and at worst could prove fatal to the future viability of a Member's whole enterprise.
Any Member contemplating trading to these countries is strongly advised to read these advisories as well as the other material published by the Club regarding sanctions - which can be found on the Club's dedicated sanctions webpages - and to contact the Managers with any specific questions.