Syria Sanctions - Risks related to Petroleum Trade
26 November 2018
Members are reminded that both the European Union and United States (US) continue to apply trade sanctions against the Government of Syria and other entites (as outlined in our Circular to Members of 16 May 2016, click here). This includes prohibitions on the transport of crude oil and petroleum products of Syrian origin, restrictions on Syria's oil and gas and electricity generating industries amongst a number of other measures.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued an Advisory to the Maritime Petroleum Shipping Community to warn of the significant US sanctions risks for parties involved in petroleum shipments to or from Syria, including vessel owners, managers, operators and insurers. A copy of the Advisory can be accessed by clicking here and includes information on:-
1. US sanctions relating to Syria and Iran relevant to shipping;
2. the deceptive practices used to ship petroleum to Syria - eg. falsifying cargo and vessel documents, STS transfers at sea, and disabling AIS transponders to mask movements;
3. suggested risk mitigation measures; and,
4. penalties for violations of US sanctions.
The Advisory also sets out a non-exhaustive list of ships that have delivered oil to Syria since 2016.
Members should of course be familiar with the applicable sanctions measures, but the Advisory may assist Members to ensure that their sanctions procedures are duly diligent.
The News Alerts Team