The US is pressuring the international maritime industry, including shipping companies, insurers, certifiers, and flag states to withdraw services to tankers involved in Venezuela’s oil trade. The measures are aimed to tighten sanctions to slash President Nicolas Maduro’s socialist government revenues.
US special envoy on Venezuela Elliott Abrams said the steps are aimed to better enforce the sanctions and to make most shipowners, insurers, and captains turn away from the Latin American country. They also mark the first enforcement aimed to ship classification societies which certify whether vessels are seaworthy and meet environmental standards.
Washington asked these certifiers to classify whether a tanker has flouted sanctions regulations. It also asked them to withdraw certification to violating vessels as a means of tightening sanctions further. With no certificate, a ship and its loads are uninsured. Some contracts also require ships to be certified. Besides, port authorities can reject entry or detain an uncertified ship.
London-based certifier Lloyd’s Register said it had revoked services from eight tankers participating in Venezuelan petroleum trade. Another ship classifier, DNV GL Maritime said it had suspended services for three of six tankers which were designated by the US for being involved in trade with Venezuela.
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Published on July 14, 2020 12:41 PM (GMT+8)Last Updated on July 14, 2020 12:41 PM (GMT+8)
