The topic of Sanctions remains one of the most critically important in the shipping industry and the effect to bunker companies is something the MFA is discussing regularly. Every time a new Sanctions package is announced, it is essential to understand the fine detail. How the EU is setting the clauses and trying to ensure there is no room for circumvention is fast-moving and at times complicated. The impact for companies caught with a non-compliance can be so significant. Even in examples of where a defence case is upheld, monies can be frozen for months and reputational impact highly damaging.
Bunker supply and trading companies must surely know that Sanctions compliance is beyond simply checking a vessel, its ownership and last handful of port calls. The layers of stakeholders and types of companies implicated is so vast. If your business does not have a dedicated Compliance Manager or team focussed to follow latest updates, then you face the threat of falling foul of most recent Sanctions clauses without willingly knowing.
We are grateful for Hafnia Law Firm’s ongoing support in this area. Their latest Webinar with the MFA is a detailed yet succinct review of the EU’s 18th package of Sanctions. In the presentation, Banks are listed, Russian Shipping entities, many with links to other countries such as the UAE. Types of cargoes, including Fertilizers and the origin of liquid cargoes tracing back through an entire supply chain is discussed and brought to all our attention.
The MFA will continue to deliver these updates with our expert Partners. For access to our Resources, please contact the MFA at [email protected] We encourage companies to ask and request information as required and we will Connect and Support accordingly.
