News

Reference has been made in the recent 16th EU sanctions package to “EU operators”. This in relation to the notification requirement of “EU operators” for excepted cargoes under the 16th package, namely...

Tim Davies

Head of Claims (Eastern Team)

Members are reminded that it is incumbent upon them to make full due diligence checks on all the parties involved in relation to any trade to or from Russia.

Tim Davies

Head of Claims (Eastern Team)

Members are reminded that the Club provides insurance services for Members who transport non-sanctioned cargoes to or from Russia subject to the US, EU and UK Regulations and by way of a general licence under the UK Regulations.

Tim Davies

Head of Claims (Eastern Team)

On January 6, 2025, OFAC issued Syria General License (“GL”) 24, authorizing various activities and transactions previously prohibited under the Syrian Sanctions regime. These authorisations currently last six months, until 7th July 2025.

Tim Davies

Head of Claims (Eastern Team)

Further to our March 2024 news item, the UK authorities have since designated Russian insurance provider Ingosstrakh Insurance Company resultant from their “carrying on business in a sector of strategic significance to the Government of Russia

Tim Davies

Head of Claims (Eastern Team)

On 17 April 2024 OFAC issued General License 44A (GL44A) which permits the wind-down of oil and gas operations in Venezuela until 31 May 2024, including “the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services” and transactions involving the state oil company PdVSA.

Tony Paulson

Head of Asia & Corporate Director

In reaction to a recent spate of new designations by the U.S. authorities against Russia, the Club’s U.S. lawyers Freehill, Hogan & Mahar (FHM) have produced a helpful Client Alert which summarises the actions taken.

Tony Paulson

Head of Asia & Corporate Director

We refer Members to our Notice to Members No.19 2023/24, setting out details of important changes to attestation requirements for Price Cap cargoes effective from 20 February 2024.

Tim Davies

Head of Claims (Eastern Team)

Members will recall from our News Item of 20 October 2023 that in anticipation of certain events related to Venezuela’s democratic process, the United States issued a number of General Licenses and General License 44 in particular which temporarily suspended U.S. sanctions against Venezuela until 18 April 2024.

Tony Paulson

Head of Asia & Corporate Director

A new client alert bulletin has been issued by Freehills relating to the OFAC designation of two oil tankers and their respective registered owners for transporting Russian-origin crude oil sold above the G78 Coalition price cap of US$60.

Quentin Drew

Claims Director (Hong Kong)