Regulatory intelligence for US exporters

OFAC Sanctions UAE Shipping Company, Vessels for Breaching Russia Price Cap

The Office of Foreign Assets Control this week sanctioned United Arab Emirates-based shipping company Hennesea Holdings Limited for violating the price cap on Russian oil. OFAC also added 17 previously undesignated vessels owned by Hennesea to its Specially Designated Nationals List and redesignated one vessel, the HS Atlantica, which the agency first sanctioned in December for illegally moving Russian oil (see 2312010023).

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OFAC also issued a new Russia-related General License No. 86 to authorize certain transactions with Hennesea or any entity it owns by 50% or more. The license authorizes transactions related to the safety of the crew, for emergency repairs or for “environmental mitigation” reasons.