CLIENT ALERT: OFAC ESTABLISHES A COSCO WIND-DOWN PERIOD

October 25, 2019 Introduction In an action that had a significant impact on the tanker sector, on September 25, 2019 the U.S. Office of Foreign Asset Control (“OFAC”) designated to the U.S. Specially Designated Nationals List (“SDN List”) COSCO Shipping Tanker (Dalian) Co. Ltd. and COSCO Shipping Tanker (Dalian) Seaman and Ship Management Co. Ltd....
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CLIENT ALERT: UNITED STATES LIFTS SANCTIONS AGAINST TURKEY

On October 14th the United States issued an Executive Order imposing sanctions against Turkey. The Turkish Ministry of Energy and Natural Resources and the Turkish Ministry of National Defence were designated to the U.S. Specially Designated National List, as were the Minister of National Defence, the Minister of Interior and the Minister of Energy. To...
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CLIENT ALERT:   UNITED STATES IMPOSES SANCTIONS AGAINST TURKEY TARGETING MINISTRY OF ENERGY & NATURAL RESOURCES AND MINISTRY OF NATIONAL DEFENCE

October 16, 2019 Introduction On October 6th , in a telephone conversation with President Erdogan of Turkey, President Trump advised that he would be ordering the withdrawal of the remaining U.S. forces in northern Syria. On October 9th the Turkish military began an incursion into northern Syria designed to establish a 20 mile wide “safe...
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CLIENT ALERT: THE UNITED STATES DESIGNATES FOREIGN SHIPPING ENTITIES TO THE SDN LIST UNDER THE IRANIAN SANCTIONS

September 25, 2019 Introduction Today the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued new Iran-related sanctions targeting several non-U.S. individuals and companies who are involved in the shipping industry. These individuals and companies have been added to the Specially Designated Nationals (“SDN”) list after being determined by OFAC to meet the criteria...
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CLIENT ALERT: VENEZUELAN SANCTIONS: WIND-DOWN PERIOD ENDED TODAY ON E.O. 13884

September 4, 2019 Introduction Executive Order (“E.O.”) 13884 was issued by President Trump on August 5, 2019, imposing additional sanctions against the Government of Venezuela. (See Freehill Client Alert dated August 6, 2019.) With limited exceptions, E.O. 13884 essentially (i) blocked all property in the U.S. of the Government of Venezuela, (ii) prohibited U.S. persons...
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