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Singapore-based shipper terminates hauling Venezuela oil due to sanctions

03 Mar 2020

Singapore-based shipping firm Mercantile & Maritime on Tuesday (18 February) said it would cease business operations that are not compliant with US’ Treasury’s Office of Foreign Assets Controls sanctions.

On the same date, the US Treasury’s Office of Foreign Assets Controls announced further sanctions in relation to oil sales from Venezuela, specifically on Russian oil major Rosneft’s Swiss trading arm. 

“Following these sanctions, we have reviewed our live arrangements and will implement any necessary measures required to ensure we comply with international requirements in line with the wind-down timeline set by the OFAC general license,” said Mercantile in an official statement.

“As a global business operating across the oil and gas value chain, the Mercantile & Maritime Group operates in full compliance with all international trade laws and maritime regulations.

“We will continue to monitor developments to ensure we remain compliant going forward,” it concludes.

Related: U.S. sanctions Rosneft Trading for brokering Venezuela crude oil deal

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Published: 3 March, 2020

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