Burden of implementing US sanctions now firmly on energy firms
Energy firms must now proactively screen the operations of every vessel they deal with to avoid violating sanctions on Iran, writes maritime data expert
US sanctions on Iran moved centre stage once more at the start of May as waivers – that had allowed eight countries to continue buying Iranian oil – expired. While on the surface it may seem like we’ve seen it all before, in actual fact, this time is very different.
This is because on March 29, 2019, the US Treasury’s Office of Foreign Assets Control (Ofac) issued new guidance as to what it expects from the compliance regime of everyone in the maritime supply chain: banks, energy traders
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