Shipping Faces Extra Costs to Comply With Sanctions
International Trade Attorney Jonathan Epstein discusses how shipping and transit companies will face extra costs in order to comply with U.S. sanctions laws. The industry's general practice has been to check on whether the vessels and counterparties one deals with are on any sanctions list or have any suspicious ownership information, port calls or use of flag states. Mr. Epstein pointed out to TradeWinds that the American expectation of compliance has grown in line with the amount of available information.
"Because the technologies are available, the government is assuming people are using them and should be using them," Mr. Epstein tells TradeWinds. "Certainly, the information is there - if you are willing to pay for that."
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