The European Commission has finalised reforms requiring all vessels to provide proof of insurance when passing through EU waters, part of a crackdown on a growing fleet of high-risk, ageing tankers. The so-called shadow fleet, a vast number of vessels used to ship fuel without the involvement of western banks and insurers, has grown considerably…| Global Trade Review (GTR)
US authorities have taken enforcement action against three overseas shipping companies accused of facilitating shipments of petroleum products to ports controlled by Yemen’s Houthi rebel group. The US government announced on March 4 that the Houthis had been designated as a foreign terrorist organisation, and said companies would no longer be permitted to offload refined…| Global Trade Review (GTR)
The UK’s financial sanctions enforcement body has urged companies and banks involved in the seaborne oil trade to closely scrutinise shipping documents, warning of potential attempts to evade the US$60 cap on Russian oil. In an advisory issued on November 21, the Office of Financial Sanctions Implementation (OFSI) said it has “identified instances” of companies ...| Global Trade Review (GTR)
US authorities have imposed sanctions on two oil traders in Hong Kong and the UAE, as well as several shipping companies across Asia, for allegedly brokering and transporting Iranian-origin fuel. The Office of Foreign Assets Control (Ofac) and Department of State announced this week it was cracking down on “oil brokers”, which operate outside Iran ...| Global Trade Review (GTR)
Law firm Hughes Hubbard has hired Jeremy Paner as a partner in Washington, DC, effective immediately. With nearly two decades of experience at private law firms and the US government’s Office of Foreign Assets Control (OFAC), Paner will counsel clients on matters related to trade sanctions and national security. He has previously advised companies in ...| Global Trade Review (GTR)