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Sanctions and the maritime industry: Part 1 – Overview of OFAC and OFSI advisory notes
In this first in a series of articles on sanctions and the maritime industry, we provide an overview of the recent advisory notes issued by OFAC and OFSI, the US and UK bodies responsible for the implementation and enforcement of their respective sanctions, and look at what they mean for the maritime and commodities industries.
The shipping and commodities industries have found themselves at the forefront of sanctions developments in recent months. In May 2020, the US Departments of State and Treasury (the latter of which includes OFAC) and the US Coast Guard provided a sanctions “Advisory” directed at the Maritime, Energy and Metals Sectors and Related Communities (the OFAC Advisory). The UK’s Office of Financial Sanctions Implementation produced a similar advisory on 27 July 2020 (the OFSI Advisory). It is no coincidence that these key sanctions bodies are looking closely at the maritime sector.
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Patrick Murphy and John Keough
