During the 60-day period, insurance is free – no payment changes, and the risk of restrictions is arguably manageable. But after 60 days, if PGSA imposes fees as it has expressly reserved the right to do, a shipowner obtaining PGSA-approved insurance will make payment to an approved entity. This creates a direct conflict between the operational need to comply with PGSA requirements and the legal prohibition on transactions with OFAC-designated organizations. The MOU’s “toll-free” guarantee does not extend to insurance fees. The US position, according to JD Vance on Thursday, is that “international waterways should be free from tolls” – not free from insurance premiums.
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