US sanctions on Iran shipping lines leave Malta’s position unchanged
Malta's shipping industry 'undamaged' by Iran sanctions issue
Sanctions imposed by the United States on three Malta-based shipping companies belonging to Iran’s national sea cargo transporter last Friday do not affect Malta further, a Foreign Ministry official told The Times Business.
“The sanctions imposed by the US on these companies do not change Malta’s position. We will abide by the sanctions imposed earlier by the United Nations and the European Union, and we will continue to scrutinise all vessels as diligently as usual,” the official said.
A week ago, the US Treasury imposed sanctions against Malta-based Islamic Republic of Iran Shipping Lines companies: Marble Shipping Limited and Bushehr Shipping Company, both directly owned by IRISL, and ISI Maritime Limited, owned by a previously-designated IRISL subsidiary Irano Hind.
Sources said that had the EU sanctions imposed on July 26 been as severe as those adopted by the US, the Malta Freeport risked losing 10 per cent of its business, such is the scale of activity involving Iranian shipping firms.
The Malta Freeport has dodged the effect of EU sanctions against Iran, although member states were warned to closely monitor Iranian companies and their assets were frozen.
EU foreign ministers decided against a ban on IRISL from operating in EU territory, even though June’s European Council instructed EU foreign ministers to come up with a list of restrictions on Iran’s transport sector, in particular its shipping line.
Foreign Minister Tonio Borg told The Times Business last month the EU sanctions against Iran will be reviewed in six months’ time and “could go either way”, depending on Iran’s behaviour over its nuclear programme.
In an attempt to block Iran’s nuclear programme which the international community believes is being used to develop nuclear weapons, the EU adopted new restrictions on foreign trade, financial services and the oil and gas sectors, and gave the go-ahead for increased inspections of Iranian vessels.
More than 40 individuals and more than 50 companies are now blacklisted as a result.
Sources have called for stakeholders to act with prudence and caution over this matter.
Malta’s excellent reputation in the global shipping industry had not been tarnished by this episode, particularly as Iran’s shipping line is registered in other highly regarded jurisdictions, they stressed.