Sanctions News 30 Dec, 2014

Sanctions - Yemen

On 18 December 2014 the European Union issued Regulation 1352/2014 establishing a sanctions framework in respect of Yemen. However, these sanctions are currently entity-specific and do not impose any sanctions on cargoes. Only three entities have been designated by the EU under the new regime and which mirror similar designations by the United States. No funds or economic resources may be made available to these designated parties. They are as follows:

AL HAKIM, Abdullah, Yahya

AL-HUTHI, Abd, Al-Khaliq

SALEH, Ali, Abdullah

Whilst it would seem unlikely that they will be undertaking trades involving these parties, Members are recommended to note the existence of these new sanctions and to exercise appropriate due diligence when fixing for trades involving Yemen, particularly since legislation and SDN lists may change at short notice.

A copy of the EU Regulation can be found here. For the US position, this can be found on the OFAC website here.

Members should contact the Managers with any questions concerning the impact of these and any other sanctions.