06/04/2019
Members are advised to incorporate sanctions clauses into their charterparties, such as the BIMCO Sanctions Clause for Time Charters and the BIMCO Designated Entities Clause for Time Charters.
International Sanctions
International sanctions have existed as a diplomatic tool for centuries. In the 21st Century international sanctions are the favoured weapons of governments seeking to accomplish global foreign policy objectives and as protectionist sentiment rises we are seeing a marked increase in their use. Notably, Iran, Syria, Libya, Russia & Ukraine, North Korea and Venezuela have all been subjected to sanctions in recent years.
The effects of sanctions are far reaching and concerns often arise as to the uncertainty and lack of clarity of the sanctions regulations themselves. This is therefore an area where utmost caution must be exercised.
Due diligence is essential where any sanctions regime is concerned. Members are advised to continue to closely monitor developments in international sanctions and be alert to any potential infringements.
We recommend that Members should run checks on all parties involved when trading to a sanctioned country. In order to ensure that proper due diligence is carried out Members are advised to seek legal advice. Ideally such checks should be carried out before the business is fixed. Although the cost of these enquiries will be an operational expense for the Member’s account, the Club is always available to assist Members by recommending suitable lawyers and preparing the necessary instructions.
Whist governments remain of the view that sanctions are an effective tool for implementing foreign policy, they will continue to have a measurable effect on Members’ operations, as well as the industry as a whole, for the foreseeable future.
As situations are evolving on a regular basis, we have created this dedicated sanctions page in order to keep Members fully informed and up to date on developments in general. However, if a Member has any concerns about trading to a particular country or with a particular individual or entity they should consult their usual contact at the Managers.
Members are invited to sign up here to receive access to our regular updates can also access the latest news and resources here.
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