Economic Sanctions and Enforcement Seminar, shares sanctions landscape at Posidonia

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Last week, the American P&I Club and the law firm of Winston & Strawn, LLP hosted an Economic Sanctions Compliance and Enforcement Seminar at the Athens Marriott in association with the International Propeller Club Port of Piraeus, as part of Posidonia.

The seminar provided an overview of the current sanctions landscape and implications of US, UK, and EU regulations, as well as an opportunity to engage in discussion and collaboration between public and private interests in the Greek shipping industry with a goal to enable effective compliance within the regulatory frameworks.

Daniel Tadros, Chief Operations Officer for Shipowners Claims Bureau, Inc., Managers of the American Club, moderated the discussion among an exceptional line-up of sanctions authorities including Olga Dimitrescu, Head of Industry Engagement for the Oil Price Cap – Office of Financial Sanctions Implementation, HM Treasury; Erik Grossman, Senior Advisor to the Associate Director for Enforcement, Compliance, and Analysis – US Department of the Treasury’s Office of Foreign Assets Control (OFAC); James McLennan, International Engagement and Monitoring issues for the Oil Price Cap, HM Treasury; Isabelle Monfort, Policy Officer – European Commission; Blake Pritchett, Senior Advisor in the Threat Finance and Sanctions Division, US Department of State; Karen P. Seifert, Special Counsel for National Security, US Department of Justice, United States Attorneys’ Office, Office for the District of Columbia (DC USAO); and Cari Stinebower, Partner and Chair of the International Trade Practice, Winston & Strawn, LLP.

The Club’s COO, Daniel Tadros commented: “Maintaining up-to-date awareness of global economic sanctions is important for all stakeholders in the maritime industry. Collaboration, education and interactive dialogue through platforms like this are gateways to maximizing understanding of the sanctions regime and reinforcing collaborative compliance.”

The seminar kicked off with a brief welcome from Kathryn Insley, Deputy Assistant Secretary for International Security and Nonproliferation Programs, US Department of State, who confirmed the State Department’s commitment to partnering with the private sector to prevent sanctions evasion, especially as it pertains to reducing the Russian Federation’s revenue to fund the war in Ukraine. The event included time for the stakeholder audience to directly engage with the experts and sparked productive, frank and transparent dialogue.

The seminar concluded with closing remarks by the American P&I Club’s CEO, Dorothea Ioannou. Many of the well over 200 individuals attending the seminar commented on the value of the frankness of the presentations and discussions as well as the practicalities in guidance offered by the speakers.

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