American P&I Club and Winston & Strawn host US, UK and EU regulatory representatives in first ever joint Economic Sanctions Seminar

13.06.2024

On Wednesday, May 29, 2024, 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, featuring regulatory representatives from the United States, United Kingdom and the European Union, to provide industry professionals with 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 lineup 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.

The American Club
American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.
For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance
Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

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