Economic and Trade Sanctions Compliance

Policy Statement

International economic and trade sanctions regulations have become increasingly complex and impactful, significantly affecting the shipping industry.

To mitigate risks and ensure compliance, VS Shipping operates with a robust compliance program to reduce exposure to civil or criminal penalties from sanctions violations.

Our Commitments:

  • We will not facilitate the sale, supply, or transfer of goods prohibited under sanctions regimes.
  • We will avoid business relationships with individuals, entities, or governments subject to sanctions and refrain from activities that violate economic and trade sanctions laws.

Key Elements of Our Compliance Program:

  • Automated Sanction Screening: We use reliable and reputable sanctions and due diligence software programs to screen transactions, STS vessels and counterparties, ensuring we do not engage with designated or SDN-listed entities.
  • Due Diligence: We conduct thorough KYC checks on suppliers and customers to ensure compliance with sanctions regulations.
  • Counterparty Engagement: We ensure our business partners are aware of and comply with our sanctions policy.

Core Principles:

  • Commitment to Compliance: VS Shipping is dedicated to complying with economic and trade sanctions regulations imposed by the U.S., U.N., E.U., U.K., and other relevant authorities.
  • Shared Responsibility: All individuals and employees within VS Shipping are responsible for ensuring compliance.
  • Risks of Non-Compliance: We recognise that non-compliance may lead to enforcement actions, vessel delays, asset freezes, criminal penalties, fines, and reputational damage.
  • Ongoing Monitoring: As sanctions regulations are constantly evolving, we are committed to keeping our compliance measures and screening systems up to date.

VS Shipping is dedicated to maintaining its reputation as a responsible carrier and operator. For more information, contact: legal@vsshipping.ae or info@vsshipping.ae.