04th November 2012 – 10th November 2023
- LOCAL NEWS
Nothing important to report
- INTERNATIONAL NEWS
1. US lawmakers back tougher sanctions on Iranian shipping
On Friday, 1st November 2023, US Lawmakers have voted in favour of the Stop Harboring Iranian Petroleum (Ship) bill, which imposes stricter sanctions on the movement of Iranian oil, including measures on foreign ports and refineries that process petroleum exported from Iran in violation of U.S. sanctions.
In particular, according to its supporters, the bill seeks to use property freezes and visa bans against individuals and groups that promote the Iranian oil trade and could target ports that accept Iranian oil shipments, refineries and transport services including shipping and ship-to-ship transfers.
“We need to impose stricter sanctions on the backers of Iranian petroleum starting with China,” Mike Lawler, a Republican congressman and one of the backers of the bill explained. “These secondary sanctions are critically important”.
The bill still requires the approval of the US Senate and to be signed by President Joe Biden before becoming law. It should be noted that the Biden Administration is weighing the conflicting challenges of hitting revenue flows of countries like Russia and Iran while keeping global oil flowing.
Therefore, it is unclear how effective the legislation would be if signed into law. While Congress can pass sanctions legislation, such measures often come with national security waivers that allow presidents discretion in applying the law. And China could continue to import the oil despite new sanctions.
Related Articles:
Attachment 1: TradeWinds 6/11 - US lawmakers back tougher sanctions on Iranian shipping
Reuters - US House easily passes bill to harden sanctions on Iranian oil
2. EU and UK Impose Sweeping Restrictions on Russian-origin oil, iron, gold and steel
UK announced new Russia sanctions, with EU measures expected to follow, as part of the new measures to bar the import of Russian oil and gold , as well as iron and steel products processed in countries other than Russia but incorporating Russian-origin iron or steel components.
In particular, on the 8th November 2023, the UK Foreign Secretary has announced 29 Russia designations of individuals and entities operating in and supporting Russia’s gold, oil, and strategic sectors.
Designations include a UAE-based network which allegedly channels gold revenues to Russia, 2 of Russia’s largest gold producers, UK-based, Nord Gold PC and Jersey-based, Highland Gold Mining Ltd, 2 Swiss nationals and Russian Nationals.
The EU is shortly expected to roll out a 12th Russian sanctions package, as announced by European Commission President Ursula von der Leyen in a speech in Kyiv on the 4th November 2023. "The new sanctions shall include up to 100 new listed individuals, new import and export bans, actions to tighten the oil price cap, and tough measures on third-country companies which circumvent the sanctions," she said at the time.
As of the 30th September 2023, the EU and the UK have imposed further import restrictions targeting Russian origin iron and steel products. While the EU and the UK had previously barred the import of iron and steel products from Russia, or which originated in Russia, the new restrictions also ban the import of iron and steel products that have been “processed” in countries other than Russia (so-called third countries) but that incorporated Russian-origin iron or steel inputs from certain (widely drawn) lists. Both the EU and the
UK bans contain limited exceptions.
Authorities from the EU, several of its Member States, and the UK have issued guidance on how customs officials will enforce the ban. EU rules require importers to provide evidence of the country of origin of the iron and steel “inputs” that were used in a third country for processing.
Related Articles:
Europeansanctions/2023/11/uk russia designations-nca red alert
SPglobal/11.08.23-uk announces new-russia sanctions-eu measures to follow
Reuters/ 08.11.2023/eu countries debate 12th package russia sanctions
LW/Sanctions Update-EU-and UK Impose Sweeping Import Restrictions on-Russian Origin Iron and Steel
3.US TREASURY REPORT
No significant actions reported.
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 2: US Treasury Report for week 04-10/11/2023
4.PIRACY REPORT
No significant actions reported.
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 11 October – 8 November 2023
Nothing important to report from ECSA, ILO, IMO, Local News and Parliament of Representatives.