The Iran Threat Reduction and Syria Human Rights Act of 2012 substantially expands the already broad sanctions, which could be imposed against foreign entities doing business with Iran. It also provides for sanctions against persons engaging in activities related to human rights abuses in Iran and Syria. This is an overview of key provisions of the new legislation most likely to impact businesses:
New wide-ranging amendments to the STCW rules, agreed by governments in Manila in 2010, are intended to ensure that STCW standards stay relevant, so that seafarers can continue to develop
An executive order "Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria" ("FSE E.O.") by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria. This order strengthens the US Treasury's ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.
This updated flowchart provides guidance on compliance with sanctions against Iran following the EU Council Regulation of 23rd March 2012. It references both US and EU sanctions arrangements and offers answers in the context of trading to and from Iran, or with Iranian parties outside the country.
On November 2011, the US State Department issued a fact sheet on Energy-Related Sanctions under Executive Order (E.O.) 13590 (see below). Among other things, it clarifies that "The Executive Order would not cover the purchase of petroleum resources or petrochemical products from Iran, or the shipping of those products from Iran, absent other sanctionable conduct.".
The EU Council Decision 782/2011 has enhanced the sanctions against the current regime in Syria to counter the movement of both armaments and energy commodities to that country. An additional decision 1244 has extended the list of named parties against whom these sanctions apply.
EU Council Regulation 1245 has extended the list of parties in Iran subject to sanctions.
The publication of the International Atomic Energy Agency's latest report on Iran has prompted a fresh round of sanctions against Iran. The White House and U.S. Treasury took a series of actions yesterday to increase pressure on Iran. The biggest impact for the shipping industry would seem to be the new petroleum sector sanctions under Executive Order 13590, which are aimed at non-U.S. persons that provide support to Iran's energy sector. This briefing note also includes information on the UK's Financial Restrictions (Iran) Order 2011.
Recommendations for ship operators regarding potential additional screening by US Coast Guard for vessels that have passed through waters near Honshu island.
Flag state advice re Japan radiation issues
15/04/2011
As and when we are aware of advices published by flag state authorities we will link to them from this section of our website.
The MLIT publish a specialist web page entitled "
The World Health Organisation website provide a useful selection of pages on radiation risks arising from the Japan earthquake. In addition the WHO publishes regular situation reports regarding radiation exposure through air, drinking water and locally grown foodstuffs.
A selection of Clyde & Co's leading regional experts give their views on the unfolding picture across the Middle East and North Africa in the "Middle East and North Africa Bulletin - Regional Response".
US view on Iran sanctions and Libya
02/03/2011
Doug Maag, Senior Counsel at the Clyde & Co.New York office focuses on how the US is dealing with the ongoing Iran sanctions and the new sanctions against Libya.
HM Treasury issued a Financial Sanction / Counter Illicit Finance Notice (the "Treasury Notice") on 27 October 2010 witha detailed commentary on the EU Regulation.
CMS Newsletter 7/10 (November 2010)
11/11/2010
Development of Pre-contracting Issue:
Piracy - Threat at sea: A risk analysis
22/09/2006
This latest work in Munich Re's knowledge series has been written as a contribution towards the international debate on this topical issue. Piracy - Threat at sea provides a risk analysis of the danger emanating from piracy and marine terrorism and explains the legal position at national and international levels. It highlights underwriting aspects and describes ways of minimising the risk.
Places of Refuge in the United Kingdom
25/11/2003
This paper was given at the Sothampton Institute of Maritime Law and BMLA seminar on 30th March 2004 concerning the UK system for addressing the issue of places and ports of of safety.
The vast majority of ships trading today are purchased with money advanced by a bank or other financial institution and are therefore subject to a mortgage. It will usually be agreed, however, that the owner will continue to trade the vessel himself so that the bank will not be directly involved in the ship's commercial operation. Indeed, it is likely to be the trading income earned by the owner which is used to pay the mortgage debt. But there will inevitably be occasions when the mortgagee bank wishes to exercise its option to enforce its mortgage, for example by arresting and selling the ship. Whatever the position between the bank and the shipowner, the effect of such an arrest may well be to prevent performance of the contracts of carriage to which the ship is then subject; thereby causing a breach of the charterparty between the owner and the charterer and/or the bill of lading contract between the owner and cargo interests. This article examines the extent to which the existence of a charterparty or bill of lading contract may inhibit the ability of a mortgagee to enforce his mortgage, and his potential liability if he goes beyond these limits.