Sanctions News 25 Oct, 2019

Updated - Wind-down period announced for transactions with COSCO Shipping Tanker (Dalian) Co. Ltd

Following the designation of COSCO Shipping Tanker (Dalian) Co. Ltd. and COSCO Shipping Tanker (Dalian) Seaman and Ship Management Co. Ltd on 25 September 2019, OFAC have now issued General Licence K which entitles U.S. persons to wind-down their activities with COSCO Shipping Tanker (Dalian) Co. Ltd. and any subsidiary in which they own 50% or more. 

More information can be found in a Client Alert issued by the Club’s U.S. attorneys Freehill Hogan & Mahar. 

Updated 20 December

OFAC have issued an update to licence K-1 authorising the maintenance or wind down of transactions involving Cosco Shipping Dalian, extending the period to 1201 Eastern time 4 February 2020.

This licence is for Cosco Shipping Dalian only and not for Cosco Shipping Tanker (Dalian) Seaman and Ship Management Co., Ltd

Freehill Hogan and Mahar have issued a client alert [ here ].