Sanctions

Panama rejects accusations of facilitating Iran’s sanctions evasion

UANI recently accused Panama of its ‘longstanding role’ in facilitating Iran’s illicit oil trade and urged Panama to de-flag all Iranian oil-smuggling vessels.

Published

1 year ago

June 4, 2025

Admin

Panama tightens STS oil transfer rules to ‘shut the door’ on shadow fleet

The Government of Panama on Monday (2 June) rejected accusations made by United Against Nuclear Iran (UANI) in recent publications circulated through media outlets and e-mails worldwide.

Panama Maritime Authority (PMA), called the claims made by Mark D. Wallace, CEO of UANI, as “misleading”.

On 30 May, UANI accused Panama of its “longstanding role” in facilitating Iran’s illicit oil trade and urged Panama to de-flag all Iranian oil-smuggling vessels. According to UANI’s analysis, nearly one in five vessels suspected of transporting Iranian oil—17% or 94/542 of the total tracked—sails under Panama’s flag.

AMP, the entity in charge of the Panamanian Ship Registry and the governing body of the Panamanian maritime sector, reported it has removed more than 650 vessels from its registry since 2019, in compliance with the United Nations Convention on the Law of the Sea (UNCLOS) and as part of its efforts to combat the financing of terrorism and illegal, unreported, and unregulated fishing.

“The Government of Panama maintains close collaboration with the Government of the United States of America, through its Embassy in Panama and through direct communications with the Department of State, regarding the Ship Registry and other security matters of mutual interest,” it said in a statement.

Furthermore, as part of its international commitments, a Memorandum of Understanding (MOU) known as the Registry of Information Sharing Compact (RISC) was signed in August 2019 between Liberia, Vanuatu, the Marshall Islands, Dominica, Antigua and Barbuda, Moldova, and Panama.

The agreement stipulates that when a flag registry cancels or initiates a sanction or cancellation process, or refuses to register a vessel due to sanctionable activity, the registry must immediately notify the other members of the vessel’s details, including a description of the sanctionable activity, in order to publicise the identity of vessels, companies, or groups acting against the interests of the international maritime community.

As a result of the signing of said MOU, the AMP issued Resolution No. 106-048-DGMM on 19 August 2019, establishing sanctions against any vessel of the Panama Registry that deliberately deactivates the Long-Range Identification and Tracking System (LRIT) and/or the Automatic Identification System (AIS) equipment.

Additionally, Panama has recently implemented strict new requirements for ship-to-ship (STS) oil transfer operations involving vessels under its flag, marking an important step in its efforts to combat sanctions evasion and illicit maritime activities. These new requirements are aligned with the standards of the International Maritime Organization (IMO) and the MARPOL Convention, reflecting Panama’s commitment to maritime security and operational transparency.

This measure follows the promulgation, in October 2024, of Executive Decree No. 512, which empowers the AMP to unilaterally deregister vessels whose owners appear on international sanctions lists. Since its promulgation to date, Panama has deregistered 214 vessels, representing more than 12 million Gross Register Tonnage (GRT).

“It is important to note that the AMP conducts investigations into compliance with international conventions ratified by the International Maritime Organization (IMO), due diligence, and recommendations from the United Nations Security Council Panel of Experts. Vessels that fail to comply with national regulations are subject to administrative and economic sanctions, and even cancellation of their registration (abandonment of the flag),” AMP added.

Panama said it has complied and will continue to comply with the United Nations Convention on the Law of the Sea (UNCLOS) and its efforts to combat the financing of terrorism and illegal, unreported, and unregulated fishing.

Photo credit: Panama Maritime Authority
Published: 4 June, 2025

Sanctions

US reinstates Iran oil sanctions, orders wind-down by 17 July

US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.

Published

2 weeks ago

July 8, 2026

Admin

The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

Incident

UK forces intercept suspected Russian shadow fleet tanker in English Channel

In the first UK-led operation of its kind, the vessel “SMYRTOS” was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

Published

1 month ago

June 16, 2026

Admin

UK forces intercept suspected Russian shadow fleet tanker in English Channel

British Armed Forces on Sunday (14 June) boarded a sanctioned oil tanker, suspected of being part of the Russian shadow fleet, in the English Channel, according to the Ministry of Defence.

In the first UK-led operation of its kind, the vessel SMYRTOS was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

The UK’s Prime Minister agreed in March that British Armed Forces and law enforcement officers were able to board shadow fleet vessels, in accordance with international law.

The SMYRTOS will be provisionally moved to an anchorage off the South Coast of England and will be monitored for any environmental or safety concerns.

UK’s Prime Minister Keir Starmer, said: “This operation delivers yet another blow to Russia and reminds those fueling Putin’s war in Ukraine that they cannot hide.

“I want to pay tribute to all those involved, including our Armed Forces and law enforcement officers who keep this country safe 24 hours a day, 365 days a year.”

The operation builds on recent support provided by the UK to its allies to interdict shadow fleet vessels, which included RAF and Royal Navy capabilities supporting US and French operations. The operation was conducted in close coordination with the French.

The UK has sanctioned almost 600 Russian shadow fleet vessels to date.

Photo credit: Ministry of Defence
Published: 16 June, 2026

Winding up

Singapore: LNG Alpha Shipping Pte Ltd and related companies to be wound up voluntarily

In 2024, the US reportedly imposed sanctions on LNG Gamma Shipping, LNG Delta Shipping, LNG Beta Shipping and LNG Alpha Shipping for their alleged links to Russian LNG producer Novatek.

Published

2 months ago

May 21, 2026

Admin

Several notices in the Government Gazette were published by the Director of LNG Alpha Shipping Pte Ltd and related companies on Wednesday (20 May), regarding some resolutions that were passed in relation to the winding up of the companies.

The other companies are LNG Delta Shipping Pte Ltd, LNG Beta Shipping Pte Ltd and LNG Gamma Shipping Pte Ltd.

The following resolutions were duly passed during an Extraordinary General Meeting for the companies:

AS SPECIAL RESOLUTIONS

Resolved:

That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018, and that Mr Lum Chi Lup Benny of 190 Middle Road, #17-05 Fortune Centre, Singapore 188979, be and is hereby appointed as Liquidator for the purpose of such winding-up.
That the Liquidator be and is hereby authorised (when and as soon as the debts and liabilities of the Company have been paid and satisfied or duly provided for) to distribute the assets in specie or kind among the contributories of the Company in accordance with their respective rights and interests.
That the Liquidator of the Company be and is hereby authorised to exercise any of the powers given by Sections 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018.

AS ORDINARY RESOLUTIONS

Resolved:

That the Liquidator, Mr Lum Chi Lup Benny be remunerated for the work of winding-up the Company on his normal scale of fees and that the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.
That pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018, the books, accounts and documents of the Company and those of the Liquidator shall be retained for a period of 5 years after the dissolution of the Company and, at the expiration of that period, the documents may be destroyed.

In 2024, it was reported that all four Singapore-based LNG shipping companies were sanctioned by the US for their links to the Russian LNG producer Novatek. They are all majority-owned by New Transhipment FZE, a Novatek subsidiary based in the United Arab Emirates.

Photo credit: Benjamin Child
Published: 21 May, 2026