Thursday, May 31, 2012

Sanctions Violations

An executive order signed May 1 penalizes people outside the U.S. who facilitate sanctions
violations, for instance by using the U.S. financial system to access dollars. About 90 percent of the fleet is financed in the currency, Petrofin estimates. Under a U.S. law signed Dec. 31, countries that fail to show they are reducing their oil imports fromIran by June 28 will have their banks’ access to the U.S. financial system blocked. Japan and 10 European nations received exemptions in March for a renewable period of 180 days.

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