ARTICLE
10 March 2017

New Procedure For Announcing International Sanctions Against States, Individuals Or Entities

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Department of Merchant Shipping ("DMS") has adopted a new procedure for informing interested parties of United Nations economic sanctions and European Union restrictive measures in the field of merchant shipping.
Cyprus Wealth Management

The Department of Merchant Shipping ("DMS") has adopted a new procedure for informing interested parties of United Nations economic sanctions and European Union restrictive measures in the field of merchant shipping.

With effect from the beginning of 2017, the DMS has discontinued its previous practice of issuing circulars to bring such measures to the attention of interested parties. Instead, it will communicate them separately in the form of Sanctions Information Notices (SINs), published on the DMS website. A copy of all valid SINs must be kept on board Cyprus flag vessels.

The new procedure is aimed at making it easier for the public to trace and gather information on sanctions and restrictive measures relating to merchant shipping. Circulars issued prior to 2017 advising on sanctions or restrictive measures will continue in effect until they are withdrawn or replaced by SINs.

The first SIN, issued on 24 February 2017, relates to measures against the Democratic People's Republic of Korea under UN Security Council Resolution 2321(2016), EU Council Decision (CFSP) 2016/849 as amended by Council Decision (CFSP) 2017/82, and EU Council Regulation (EU) 2016/841.

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