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Increased cooperation eases shipowners' sanctions exposure
来源：shippingazette 编辑：编辑部 发布：2023/02/17 13:53:27
FIVE expert panelists say that sanctions that prohibit shipowners from lifting or transporting Russian oil are tolerable if they turn to shipping other commodities, reports Ventura, California's gCaptain.
The five experts, all attorneys, spoke at the recent 29th annual Hellenic-American/Norwegian-American Chambers of Commerce Shipping Conference.
Sanctions increased workability results, in large part, "from the maturation of dialogue between the Office of Foreign Assets Control (OFAC) and the shipping industry," said Blank Rome Philadelphia law firm partner Matthew Thomas.
OFAC is the US Treasury Department unit that administers and enforces economic and trade sanctions. Over the last year, the US government and the EU have imposed sanctions against Russia in retaliation for its invasion of Ukraine in February 2022.
OFAC's constructive dialogue simplified carrier compliance when the agency recently agreed to reduce required data collection.
Mr Thomas said an ongoing OFAC/carrier cooperation allows the agency to better focus on policing willful sanctions "cheaters" or violations.
The American (P&I) Club's management firm COO Dan Tadros stated some compliant carriers inadvertently get caught in the regulatory net because "sanctions are still confusing and create a lot of havoc with owners and P&I clubs."
OFAC mandates that P&I clubs mutual insurance associations that provide carriers with third-party risk protection withdraw coverage for sanctions violators.
To eliminate the risk of a sanctions violation, P&I clubs are denying requisite coverage to carriers whose cargo could be subject to heightened OFAC scrutiny.
The five experts, all attorneys, spoke at the recent 29th annual Hellenic-American/Norwegian-American Chambers of Commerce Shipping Conference.
Sanctions increased workability results, in large part, "from the maturation of dialogue between the Office of Foreign Assets Control (OFAC) and the shipping industry," said Blank Rome Philadelphia law firm partner Matthew Thomas.
OFAC is the US Treasury Department unit that administers and enforces economic and trade sanctions. Over the last year, the US government and the EU have imposed sanctions against Russia in retaliation for its invasion of Ukraine in February 2022.
OFAC's constructive dialogue simplified carrier compliance when the agency recently agreed to reduce required data collection.
Mr Thomas said an ongoing OFAC/carrier cooperation allows the agency to better focus on policing willful sanctions "cheaters" or violations.
The American (P&I) Club's management firm COO Dan Tadros stated some compliant carriers inadvertently get caught in the regulatory net because "sanctions are still confusing and create a lot of havoc with owners and P&I clubs."
OFAC mandates that P&I clubs mutual insurance associations that provide carriers with third-party risk protection withdraw coverage for sanctions violators.
To eliminate the risk of a sanctions violation, P&I clubs are denying requisite coverage to carriers whose cargo could be subject to heightened OFAC scrutiny.