CUS NEWS REPORT FOR WEEK 34 OF 2024

17^th August 2024 – 23^rd August 2024

LOCAL NEWS

1. Contract for Cyprus-Greece maritime passenger connection extended for another three years

On Friday, 23 August 2024, the Shipping Deputy Ministry announced that the Council of Ministers has decided to approve the extension of the Contract for the Passenger Maritime Link between the Republic of Cyprus and the Hellenic Republic for a further three years (2025 – 2027).

This decision was made after evaluating the performance indicators, based on the number of passengers carried from 2022 until today.

As noted by the Ministry, “The Cyprus - Greece Passenger Maritime Link was embraced from the first year by the public with great success, exceeding all expectations, creating a new tourist market for travellers wishing to travel to and from Cyprus and the rest of continental Europe with their private cars and motorcycles”.

Gov Cy/Shipping/23.08.2024/The Contract for Passenger Maritime Link betweenthe Republic of Cyprus and the Hellenic Republic is extended for three years

Philenews/23.08.2024/Cyprus-Greece ferry service extended for three more years

Stockwatch/23.08.2024/Three-year extension of Cyprus-Greece passenger maritime link contract

INTERNATIONAL NEWS

2. EU ETS: webinar on participation in ETS auctions (5 September)

On the 5^th September 2024, the European Energy Exchange (EEX) will organise a webinar on participation in EU ETS auctions, from 10:30 to 12:00 CEST.

During the webinar, EEX will introduce participants to the common auction platform, outline several options for accessing the emissions auctions, explain the auction process and the secondary emissions market, and answer any questions relevant to you as an existing customer or entity with compliance obligations under the EU ETS. The inclusion of the maritime sector in the EU ETS will also be part of the presentation.

You can read more about the agenda and access the webinar here.

For additional clarifications, please contact the EEX directly at: This email address is being protected from spambots. You need JavaScript enabled to view it..

Related Article:

Attachment 1: ECSA C-13790 For information – EU ETS: webinar on participation in ETS auctions (5 September)

Webinar: EU ETS – Auction participation and secondary market outlook

3. New EMSA studies on safety aspects of hydrogen and ammonia

EMSA has recently published two new studies in its series on the safety aspects of alternative fuels for shipping.

The first study, on mapping safety risks for hydrogen-fuelled ships, analyses hydrogen's main characteristics to identify which safety hazards, system threats, and risks should be considered when using hydrogen as ship fuel. The report also assesses statutory regulations, classification rules, standards, and best practices for hydrogen-fuelled ships.

The second study, on the safety of ammonia for use in ships, contains an extensive analysis of ammonia’s properties and characteristics, and how these apply as marine fuel. The report also includes an analysis of the toxicity and exposure limits of ammonia, including a comparison of several regulatory frameworks related to its use and transport.

More information can be found in the EMSA Newsletter.

4. UK Weekly Sanctions Update FAQs on Russia Sanctions

On the 15^th August 2024, UK’s Office of Financial Sanctions Implementation (OFSI) published 20 new FAQs. FAQs 110-119 under the Russia section of OFSI’s FAQs includes a number of FAQs relating to Regulation 17 of the Russia (Sanctions) (EU Exit) Regulations 2019.

Some of the explanations provided in the new FAQ’s are the following:

UK entities’ subsidiaries located outside the UK are expected to comply with UK sanctions, since UK financial sanctions apply to all persons within the territory and territorial sea of the UK, and to all UK persons wherever they are in the world. UK persons will include legal persons established under UK law, including their branches. Additionally, to come within OFSI’s enforcement of financial sanctions, there must be a connection to the UK, which we call a UK nexus. A UK nexus will be considered on a case-by-case basis but might be created by such things as a UK company working overseas, transactions using clearing services in the UK, or in respect of a UK company directing the overseas actions of a local subsidiary.
A UK credit or financial institution should not process payments that are received directly or indirectly from a bank designated for the purposes of regulation 17A, when both the remitting account holder and beneficiary account holder are not designated, since Regulation 17A(2) prohibits UK credit or financial institutions (referred to as banks within this response) from processing payments which have previously been processed by banks designated for the purposes of that regulation
Firms that fall outside of the definition of “relevant firms” (found at Regulation 71) do not have a legal requirement under Regulation 70 to report to OFSI if they know or suspect someone is a designated person or has committed a financial sanctions breach.
In so far as bills of lading document the carriage and receipt of goods and serve as proof of entitlement to such goods, they do not fall under the prohibitions in Regulation 16. In any negotiable form where bills can be traded for financing purposes, or any similar activity which could amount to circumvention, these instances would be prohibited by Regulation 16 (or Regulation 19 in the case of circumvention).

Somalia Sanctions Guidance

On the 16^th August 2024, UK updated its guidance on Somalia sanctions to reflect changes following UN Security Council Resolution 2713 (2023). Among other things, the updated guidance notes that a licence may be granted for the export, making available, transfer, supply or delivery of items specified in Annexes A and B of UNSCR 2713 (2023) to certain parties.

Related Publications:

Mayerbrown UK weekly sanctions

Gov UK 15/08 - UK Financial Sanctions FAQs

Gov UK 16/08 - Somalia Sanctions Guidance

5. US TREASURY REPORT

The US Treasury Report for all actions reported is hereby attached.

Related Article:

Attachment 2: US Treasury Report for week 17/08/2024 – 23/08/2024

6. PIRACY REPORT

The Piracy Report for all actions reported is hereby attached.

Related Article:

Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 24/07/2024 – 21/08/2024