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Bunker suppliers take note – OFAC publishes updated FAQs regarding the application of Iranian sanctions to the bunker industry
On November 5, 2019 the Office of Foreign Asset Control (OFAC) issued new Frequently Asked Questions (FAQs) clarifying the impact of US sanctions imposed against Iran on the bunkering industry.
Since 2010, the Environment Agency (EA) has had the ability to impose ‘civil sanctions’ in lieu of criminal prosecution for certain environmental offences.
In a global insurance environment facing change at an unprecedented rate, the London Market’s experience and expertise remains reassuringly consistent. As 2019 promises to continue down this evolutionary path, we offer our predictions on some of the London Market’s priority areas.
We are pleased to announce that we have increased our presence in the EMEA region through an association with Israeli firm Zelichov, Ben-Dan & Co, with whom we have been working for over ten years.
Case review 31/10/2018
On 12 October 2018 the Commercial Court handed down judgment in the Mamancochet Mining case.
Case review 17/10/2018
On 12 October 2018, judgment was handed down in the High Court in a case concerning whether insurers under a marine policy could rely on a sanctions clause to avoid payment of a first party claim.
On 8 May 2018, President Trump announced the end of the US’s participation in the Joint Comprehensive Plan of Action commonly known as the Iran nuclear deal, and further announced that the US would be re-imposing sanctions against Iran which had been suspended since 16 January 2016.
Following the US summit between US President Trump and North Korean Supreme Leader Kim Jong-un, we pause here to consider its significance, the impact on US-North Korea relations, and the the position of “neutral” countries on trade sanctions.
Last year, the Singapore listed company CSE Global Limited (CSE Global) and its wholly-owned Singaporean subsidiary CSE TransTel Pte. Ltd. (CSE TransTel) (collectively referred to as “CSE”) entered into a settlement agreement with the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) requiring CSE to pay a settlement of US$12 million.