Growing sanctions raise compliance risk for energy firms

Ever-increasing sanctions are ramping up risk for energy firms as regulators step up enforcement, writes maritime data expert

With Venezuela’s oil the latest to be sanctioned by the US government, the topic of sanctions compliance is high on everyone’s agenda.

The size and scope of sanctions issued by bodies such as the US Treasury’s Office of Foreign Asset Control (Ofac), the UK’s HM Treasury, the United Nations and the European Union, have increased dramatically since 2017. In most cases, these sanctions rulings are being actively enforced by teams looking for evidence of sanctions violations. US sanctions have