Trade Sanctions Open Minefield of Legal Hassle
Reimposing secondary sanctions on Iran, Venezuela's use of petro cryptocurrency to skirt US sanctions and sanctions targeted at Russian businesses put shipping companies at risk, industry pundits say.
The biggest risk, however, is being blacklisted by global banks who may infer that shipping companies are risky, Matthew Thomas, a partner at Blank Rome, said.
Major companies are pulling out of Iran as they think the benefits do not merit the risks, said Daniel Pilarski of Watson Farley & Williams.
The smartest move for a shipping company would be to have an in-house compliance officer who can minimise risks surrounding trade sanctions, Thomas said.
"Trade Sanctions Open Minefield of Legal Hassle," by Rijuta Dey Bera was published in TradeWinds on September 20, 2018.