News & Analysis as of

Shipping Office of Foreign Assets Control (OFAC)

Venable LLP

Freight Forwarders and Common Carriers: As You Look Ahead to 2024, Do You "Know Your Cargo"?

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As federal regulators have recently made clear, steamship lines, non-vessel-operating common carriers, indirect air carriers, freight forwarders, and others involved in the global movement of cargo must ensure that their...more

Seward & Kissel LLP

OFAC Sanctions UAE-Based Shipping Company and Eighteen of its Vessels in Connection with Violations of the Russian Price Cap...

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On January 18, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a United Arab Emirates-based shipping company, Hennesea Holdings Limited (“Hennesea”)...more

Seward & Kissel LLP

“Quint-Seal” Compliance Note Highlights Intensifying U.S. Government Enforcement of Sanctions and Export Control Laws in the...

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On December 12, 2023, the Department of Justice (DOJ), Department of Commerce’s Bureau of Industry and Security (BIS), Department of Homeland Security’s Homeland Security Investigations (HSI), the Department of State’s...more

Foley Hoag LLP

OFAC Publishes Maritime Oil Industry Advisory and Makes Example of Shipping Companies and Vessels Who Violated G7’s Price Cap...

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On October 12, 2023, the Department of the Treasury's Office of Foreign Assets Control (“OFAC”) published a Maritime Oil Industry Advisory (“Advisory”)—together with the so-called Price Cap Coalition (“Coalition”), consisting...more

Seward & Kissel LLP

OFAC Issues New Russian Oil Price Cap Advisory and Sanctions Entities Transporting Oil Sold Above the Price Cap

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On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more

Seward & Kissel LLP

Economic Sanctions in the Shipping Industry: 2022 Highlights

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Shipping companies should remain focused on sanctions compliance for 2023. The sanctions space has been bursting with activity as a result of the Russia-Ukraine war, which shows no signs of abating. Companies continue to seek...more

Eversheds Sutherland (US) LLP

Services ban and EU import ban come into effect for seaborne Russian petroleum products

On February 5, 2023, the G7 announced that the “price cap” on western-backed seaborne trades of Russian-origin petroleum products to third countries would be set at $45 per barrel ($45/bbl) for Discount to Crude petroleum...more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

K2 Integrity on

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

The Volkov Law Group

United States and Allies Set Price Cap on Russian Oil — $60 Per Barrel (Part I of IV)

The Volkov Law Group on

The G-7, the European Union and Australia officially announced a price cap on Russian oil, which includes service and shipping restrictions on oil originating from the Russian Federation and trading above $60 per barrel. ...more

Seward & Kissel LLP

OFAC Issues Determination and Guidance For Russian Oil Price Cap Policy Commencing Today

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As noted in our prior alerts (concerning OFAC’s September 9, 2022 preliminary guidance and October 31, 2022 follow-on FAQ clarifying the applicability of the impending price cap policy) the U.S. Department of the Treasury’s...more

Holland & Knight LLP

OFAC Places Price Cap on Maritime Services Related to Russian Oil

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The U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) on Nov. 21, 2022, published a determination pursuant to E.O. 14071 prohibiting U.S. persons from providing certain services related to the maritime...more

Eversheds Sutherland (US) LLP

OFAC issues guidance on maritime services price cap for seaborne Russian oil

​​​​​​​As a follow up to our alert of September 7th regarding the G7 proposal to implement a price cap with respect to seaborne Russian-origin crude oil and petroleum products, the Office of Foreign Assets Control (OFAC)...more

Holland & Knight LLP

Executive Order Targeting Russian Energy Sector Has Immediate Effect on Shipping Industry

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In the past week, the White House has launched additional salvos of sanctions against the Russian Federation in response to its continued efforts to undermine the sovereignty and territorial integrity of Ukraine. This Holland...more

Porter Hedges LLP

Recent Advisory Opinion Provides Important Guidance To Mitigate Sanctions Risk

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Earlier this year, the U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard issued a global advisory (the “Advisory”), providing information and...more

Morrison & Foerster LLP

Following U.S. Lead, UK Office Of Financial Sanctions Implementation Issues Maritime Guidance

Much of the world’s focus is on the COVID-19 pandemic, and rightfully so, but sanctions regulators also have their gazes fixed on another issue: the maritime industry. On May 14 2020, we saw the U.S. Departments of State and...more

A&O Shearman

Sanctions Round Up Second Quarter 2020

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This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its recent encroachments on Hong Kong and its reported mistreatment of ethnic minorities. OFAC continued to target shipping...more

Lowenstein Sandler LLP

U.S. Government Issues Updated Sanctions Warning

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals...more

K2 Integrity

Navigating the Sanctions Minefield: What Every Global Business Should Know

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Many private sector firms may understand the important role economic sanctions play in U.S. foreign policy. However, many businesses that operate internationally lack awareness of how such multinational operations expose them...more

Akin Gump Strauss Hauer & Feld LLP

U.S. Sanctions Compliance Guidance Released for the Global Maritime, Energy and Metals Sectors

- On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the maritime industry regarding common deceptive shipping practices used to subvert U.S. and United...more

Holland & Knight LLP

New Sanctions Advisory Highlights Compliance Risks for Shipping Industry

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The U.S. Department of State, U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Coast Guard (USCG) on May 14, 2020, issued a 35-page Sanctions Advisory that focuses on sanctions compliance...more

Lowenstein Sandler LLP

U.S. Government Issues Updated Sanctions Warning to Maritime Shipping Community; Recommends Best Practices to Mitigate Risk

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On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals...more

Society of Corporate Compliance and Ethics...

Sanctions news: US targets China, Syria, Venezuela and Iran

Report on Supply Chain Compliance 3, no. 7 (April 2020) The United States Department of the Treasury’s Office of Foreign Assets Control has stayed busy during the coronavirus outbreak. The office made several new additions...more

Bass, Berry & Sims PLC

Sanctions Enforcement Update: Penalties for Logistics, Telecom Companies

• Actions underscore long arm of U.S. sanctions jurisdiction • Voluntary disclosures and cooperation can lead to significant penalty reductions • Facilitation of a violation is treated the same as a direct violation ...more

Society of Corporate Compliance and Ethics...

Sanctions news: COSCO de-listed; settlement between OFAC and Eagle Shipping; SDN update

Report on Supply Chain Compliance 3, no. 4 (February 20, 2020) - The United States lifted sanctions[1] on a subsidiary of COSCO Shipping Corporation Ltd., the Chinese shipping giant. Last September, the U.S. Department of...more

Eversheds Sutherland (US) LLP

US Removes COSCO Shipping Arm from OFAC Sanctions List

On January 31, 2020, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury removed sanctions on COSCO Shipping Tanker (Dalian). The delisting may have resulted from US-Chinese...more

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