Iran - Significant Reduction Exemptions
On Sunday 22 April US authorities announced that the United States will not issue any additional Significant Reduction Exceptions (SRE) to existing importers of Iranian oil.
The Club is informed that the countries that held the SREs were given a clear signal that the SREs would not be renewed after 2 May. Therefore, it is the State Department's position that those countries should not have booked any shipments of Iranian crude that would not have arrived before 2 May. Therefore, there will be little, if any, sympathy for a vessel which loaded Iranian crude before today but which does not arrive in the country which held the SRE until after 2 May.
Members are strongly recommended not engage in any transportation of petroleum products to or from Iran, or petroleum products of Iranian origin, since that would be a breach of US sanctions, and as such subject to severe penalties by the US authorities.
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.