No.8 2023/24 - US imposes sanctions on jet fuel transport to Burma/Myanmar
On 23 August 2023 OFAC issued a determination that allows sanctions to be imposed on any foreign individual or entity that operates in the jet fuel sector of the Burmese economy by expanding Executive Order 14014 (the “EO”). The expansion of the EO by the U.S. authorities is “complementing existing provisions for sanctions against those that operate in the defense sector of the Burmese economy” (press release 23 August 2023).
Members are also reminded of the applicable UK and EU sanctions and further US sanctions imposing trading restrictions, asset freezes and also containing a list of sanctioned entities and individuals.
Members are reminded that cover is not available for any trade that breaches applicable sanctions and are advised to conduct thorough due diligence on the parties, cargoes and trade involved before engaging in trade to Burma.
All Clubs in the International Group have issued a similarly worded circular.
For: West of England Insurance Services (Luxembourg) S.A.
Head of Asia & Corporate Director