USA: SANCTIONS FOR VENEZUELA AND IRAN
Published: June 10, 2020
Last week saw significant developments in the U.S. sanctions programs targeting Venezuela and Iran. On 2 June the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) designated four tanker vessels and their owners to the Specially Designated Nationals (SDN) list. The designations were made pursuant to Executive Order (E.O.) 13850. These developments emphasise the need for non-U.S. persons and entities which operate in international shipping to exercise utmost diligence in their dealings involving or potentially involving either country.
It is apparent that the current U.S. Administration continues to subscribe to the view that international shipping should be a focus of U.S. sanctions implementation and so it remains important for those in the industry to make sanctions compliance a high priority. Any trade that might involve Venezuelan oil or oil interests or any sector of the Iranian economy should be examined closely to ensure sanctions compliance.