In its commitment to isolating the Assad regime in Syria, the USA has reiterated it will impose sanctions on entities and individuals in the shipping industry, including insurers, shipping companies, financial institutions, and vessel owners, managers, and operators that facilitate the delivery of petroleum cargoes to Syria.
The image above is a sample of the tankers named in the latest advisory report from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).
The advisory report stated that “Countries such as Iran and Russia have been involved in providing Syria with petroleum. Those who facilitate the financial transfers, logistics, or insurance associated with these or other petroleum shipments are at risk of being targeted by the United States for sanctions.”
The risk involves being placed on the Specially Designated Nationals and Blocked Persons (SDN List), effectively a 'no-fly' list.
OFAC stated the penalties for persons subject to US jurisdiction that violate US sanctions with respect to Syria can be subject to civil monetary penalties equal to the greater of twice the value of the underlying transaction, or US$295,141 per each violation.
The list of practices that OFAC believe are being used to deliver petroleum cargoes to Syria include: