Syria Sanctions - US Advisory On Petroleum Shipments
OFAC has recently issued an advisory notice concerning the risks of carrying petroleum shipments to Syria. They warn in the strongest terms against the carriage and supply of such cargoes to the Syrian Government or any other Specially Designated National (SDN). Doing so would be in breach of U.S. sanctions and 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.
Members are also reminded that the EU also maintains sanctions against Syria and that there is no Club cover for trading in breach of sanctions.
The advisory can be found here Syria Shipping Advisory and a helpful Client Guide on the subject published by the Club’s U.S. attorneys Freehill Hogan & Mahar can be found here Syria Client Alert.
Any Member contemplating trading to Syria is strongly advised to read these documents as well as the other material published by the Club regarding Syrian sanctions, especially Notice to Members No.9 2016/2017.
Any Member with specific questions concerning these measures and any other sanctions matters should contact the Managers.