Insights

On 17th June, 2021 OFAC issued three new general licences, in order to supplement the existing authorisations for COVID-19-related transactions and activities involving Syria, Venezuela and Iran.

The EU has introduced new restrictive measures against Belarus in response to the repression of demonstrators disputing the re-election of Lukashenko and the forced diversion and landing in Minsk of a Ryanair flight carrying the journalist, Roman Protasevich, in May, 2021. This update follows our previous post on Belarus, in April, when OFAC announced sanctions on certain Belarusian entities, especially involving the oil industry.

The 76th session of the IMO’s Marine Environment Protection Committee (MEPC 76) convened remotely from 10th to 17th June, 2021.  The Committee, which addresses environmental issues under IMO's remit, discussed and implemented a number of key measures in furtherance of the IMO’s environmental goals.  Here, we take a quick look at some of the highlights and their impact on Members. Podcast also available.

Welcome clarity on an owner’s unfettered entitlement to freight has been received in a judgment handed down recently by the Commercial Court. The decision overturned a finding in London arbitration and will be welcome news to owners seeking security for their claims. Podcast also available.

On 1st June, 2021, OFAC issued General Licence 8H, through which it authorises certain companies to transact with Petróleos de Venezuela, S.A. (PdVSA) until 1st December, 2021.