FESCO Transportation Group has informed that the vessels “FESCO Magadan” and “FESCO Moneron” were on the sanctions list of the Treasury Department of the US solely due to the specifics of financing and the status of lessor: both vessels are on the balance sheet of PSB Leasing LLC that was initially under US sanctions.
The sanctions of the Treasury Department of the US do not apply to any FESCO company and inclusion in the sanctions list of two vessels leased from PSB Leasing LLC is not in any way related to the activities of the Group, FESCO said in a statement.
Following the ongoing situation, FESCO has begun procedures related to withdrawal of vessels from leasing and termination of relations with PSB Leasing LLC, which should be the basis for excluding “FESCO Magadan” and “FESCO Moneron” from the sanctions list.
‘Currently, FESCO is fulfilling all its obligations. Marine transportations are carried out as per normal. The Group effectively respects all international and Russian laws, firmly following the sustainable development agenda and providing its customers from Russia and Eurasia with the most modern logistics solutions,’ the Group said.