The sanctions policy of Solvang
As an advocate of international law and order, Solvang adheres to and supports sanctions and restrictions against blocked nations, entities and persons.
Adhering to the sanctions
Solvang adheres to economic or trade sanctions laws, regulations, embargoes or restrictive measures carried out by:
- The United Nations;
- The United States of America;
- The European Union, or member states;
- The United Kingdom;
- Norway,
or any countries to which any of these are bound, as well as their institutions and agencies, and special sanctions authorities.
As a rule, Solvang follows the blocked nationals and persons list issued by OFAC, and the targets and investment ban list issued by HMT.
Enforcing the sanctions
Solvang enforces our sanctions policy by the following means:
- Due diligence audits, particularly towards vessel buyers and new clients;
- Sanctions clauses in all contracts, encompassing time and voyage charter parties, covering all major transactions;
- Routine sanctions compliance checks among suppliers;
- Use of legal counseling in contractual negotiations.
