By operation of US sanctions imposed in September 2019 on COSCO Shipping Tanker (Dalian) Co., Ltd. pursuant to Executive Order 13846, that company’s 50%-owned subsidiary, China LNG Shipping (Holdings) Limited was designated as a blocked person under the rules of the Office of Foreign Assets Control of the US Department of the Treasury. China LNG Shipping in turn owned 50% of a joint venture, Yamal LNG, which also qualified as a blocked person as a result of the COSCO designation. The other 50% owner of the joint venture, Teekay LNG Partners L.P., was also blocked as a result of its ownership in the blocked joint venture.
However, Teekay and Yamal (the joint venture) and the JV co-owner, China LNG Shipping, have now been unblocked, following an ownership restructuring effected by the COSCO group, whereby ownership of China LNG Shipping was transferred from COSCO Dalian to a non-sanctioned COSCO entity, effectively lifting the sanctions from Teekay.