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OFAC sanctions UAE-based shipping firm Hennesea for Russian crude oil price cap violations

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Hennesea is the ultimate owner of 18 vessels, including the “HS Atlantica”, which OFAC previously identified for transporting Russian crude oil priced above USD 60 price cap.
tommao wang on Unsplash

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Thursday (18 January) said it was taking its first oil price cap enforcement action of 2024, targeting United Arab Emirates-based shipping company Hennesea Holdings Limited (Hennesea) linked to a price cap violation.

OFAC said Hennesea is the ultimate owner of 18 vessels, including the HS Atlantica, which OFAC previously identified as having engaged in the transport of crude oil of Russian Federation origin priced above the USD 60 per barrel price cap while using a covered U.S.-based provider after the price cap policy came into effect. 

On 1 December, 2023, OFAC identified the HS Atlantica as property in which Hennesea’s subsidiary, U.S.-designated HS Atlantica Limited, has an interest. Today, OFAC is additionally re-identifying the HS Atlantica as property in which Hennesea has an interest. 

Shortly before the price cap went into effect, Hennesea, which was established in late 2022, acquired older tankers that ship Russian crude oil and petroleum products. Tankers ultimately owned by Hennesea have repeatedly conducted port calls in Russian Federation ports.

Hennesea was designated pursuant to E.O. 14024 for operating or having operated in the marine sector of the Russian Federation economy.

OFAC identified the following vessels, all of which are beneficially owned by Hennesea, as property in which Hennesea has an interest:

  • ARISTO (IMO 9327413)
  • HAI II (IMO 9259599)
  • HS ARGE (IMO 9299745)
  • HS ATLANTICA (IMO 9322839)
  • HS BURAQ (IMO 9381732)
  • HS ESBERG (IMO 9410894)
  • HS EVERETT (IMO 9410870)
  • HS GLORY (IMO 9249087)
  • HS LEGEND (IMO 9381744)
  • HS STAR (IMO 9274446)
  • LA PRIDE (IMO 9274616)
  • MONA (IMO 9314818)
  • NELLIS (IMO 9322267)
  • OSPEROUS (IMO 9412995)
  • PERIA (IMO 9322827)
  • SARA II (IMO 9301615)
  • SENSUS (IMO 9296585)
  • UZE (IMO 9323338)

“As a result of today’s action, all property and interests in property of the person above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC,” it said. 

“In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”

“All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt.”

“These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.”

Related: OFAC sanctions tanker owners for Russian price cap violations
Related: OFAC issues warning on possible evasion of Russian oil price cap

 

Photo credit: tommao wang on Unsplash
Published: 22 January, 2024

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