Members and Assureds should be aware that further entities and vessels were added to OFAC’s SDN list on 19 January 2021 under sanctions relating to Venezuela, Russia and Yemen. Full details of the additional designations are set out in the US Department of Treasury update here.
Members and Assureds whose vessels may or are scheduled to call at Venezuelan ports should note that Venezuelan National Institute of Aquatic Spaces (INEA), the Venezuelan Maritime Authority, is amongst those added to the SDN list. As reported by the local correspondent, Pandi Venezuela P&I, click here, this may affect the ability of vessels calling at Venezuelan ports to pay for pilots, tugboats, launches etc. Further clarification and assessment of the impact is awaited, but it seems that USD should be avoided for such payments.
Members and Assureds should note that US Authorities continue to monitor trade with Venezuela, and the Club recommends that Members and Assureds continue to carefully assess the risks of such trade. This would include taking into account the potential absence of Club cover for such trades, undertaking comprehensive due diligence and ensuring that industry recognised (or better) sanctions clauses are in any charterparties.
For more information and the Club’s previous alerts on Venezuela related sanctions on the Club’s website, click here.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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