Posts tagged: sanctions
Iran Sanctions
30 January 2012
Posted in Blog
Tagged: Europe, Iran, oil, regulations, sanctions
As of 30 January 2012, the US has issued some important sanctions against a few major corporations and the EU has escalated its regulations on Iranian trade. Current US regulations allow tough measures to be taken against non-US entities involved in prohibited activities, wherever based, which include: the development of Iranian petroleum resources; assistance to [...]
Read more »Sanctions Update – Iran
7 December 2011
Posted in Blog
Tagged: insurance, Iran, reinsurance, sanctions
In accordance with EU sanctions, (re)insurance is prohibited for the benefit of Iranian persons, entities, and bodies. Imports of refined petroleum into Iran are also not permitted. Additionally, from 21 November 2011, any transactions (direct or indirect) and business relationships with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran [...]
Read more »Sanctions update – Syria
7 December 2011
Posted in Blog
Tagged: marine insurance, reinsurance, sanctions, Syria
Current sanctions against Syria are predominantly targeted at certain SDNs and the country’s energy industry. (Re)Insurance related to crude oil and petroleum products are strictly prohibited, which also includes hull policies for tankers or any other vessel involved in such activities. International restrictions are constantly changing and updates provided are by no means exhaustive. If [...]
Read more »EU Sanctions against Syria
13 September 2011
Posted in Blog
Tagged: insurance, reinsurance, sanctions, Syria
On 2 September 2011, the EU stepped up its sanctions on Syria in response to the continued civil unrest. The Council of Europe has adopted Council Regulation (EU) No 878/2011 which amends Regulation 442/2011. The new sanctions prohibit the purchase, import or transportation from Syria of crude oil and petroleum products. The EU has also [...]
Read more »Libya Sanctions – update
13 September 2011
Posted in Blog
With effect from 2 September, the six port authorities in Libya that were subject to sanctions targets designated by the EU have now been removed from the Annex by Regulation (EU) No. 872/2011. The reason they are no longer subject to sanctions is that the National Transitional Council has affirmed its control over these entities.
Read more »EU Sanctions against Libya
25 July 2011
Posted in Blog
Tagged: Libya, ports and terminals, sanctions
On the 7 June 2011, the Council of the European Union agreed Council Decision 2011/332/CFSP which sets out their intention to freeze the assets of the following six port authorities in Libya (and which took effect on 17 June 2011): 1. Port Authority of Tripoli 2. Port Authority of Al Khoms 3. Port Authority of [...]
Read more »EU Sanctions against Iran
16 August 2010
Posted in Blog
Tagged: Europe, Iran, sanctions, shipping, trade
Following the CISADA sanctions, the UN, EU and UK have issued separate sanctions against Iran along similar lines. The EU sanctions ban European companies from investing in Iran’s oil and gas industries, while restricting trade and financial links including barring any European company from providing insurance services to Iranian entities. The EU sanctions go further [...]
Read more »Sanctions against Iran
9 August 2010
Posted in Blog
Tagged: insurers, Iran, sanctions
Earlier this year, the President of the United States signed legislation known as the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). The sanctions prohibit the trade of petroleum products to Iran and seek to limit the provision of “goods, services, technology, information or support that could directly and significantly facilitate the maintenance [...]
Read more »Recent articles
20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
14 July 2011
We recommend ways for freight forwarders to ensure the liability insurance they purchase will protect them when they need it most.
Blog
12 December 2011
On the 8 December, the Joint War Committee added Syria to its listed areas and removed three areas.
9 December 2011
We have updated our piracy report and a brief summary is available here.
Press releases
11 May 2011
FP Marine Risks and Oceanic partnership announced, creating an expert network of marine specialists serving the Australasian retail and wholesale markets.
29 April 2010
FP Marine Risks builds direct retail business in Australasia through acquisition of specialist cargo insurance agency
Opinions
26 March 2009
26 November 2008