Sanctions

Introduction

Sanctions are imposed to maintain or secure international peace and security and, as such, are continuously developing within a complex landscape. It is vital that our Members are diligent in considering how sanctions may impact upon their operations.

As part of our service to Members, we have dedicated points of contact within the Club with specialist sanctions knowledge and experience and are ready to provide information, guidance and advice to Members in regards to their insurance cover. As a starting point, when considering Club cover, Members’ attention is drawn in particular to Club Rules 32, 45, 46, and 47.

We encourage Members to review the many articles and circulars the Club has distributed in regards to sanctions, all of which are available by clicking on a country of interest shown on the map below. The experience we have gained in advising our Members has been used to focus on the countries which tend to be of regular interest. Whilst we hope this information is helpful, as always it is for Members to carry out and rely upon their own due diligence. These should include at minimum checks on all parties involved in the trade/works and an examination of the cargo to be carried and/or services to be provided. We also strongly recommend that Members consider incorporating sanctions clauses into charterparties. In 2020, BIMCO produced new sanctions clauses for time and voyage charterparties.  These clauses can be found on BIMCO’s website, together with explanatory notes.

We will develop this map further over the coming months and ask that Members please continue to look regularly for updates and additions.

Recent Sanctions Updates

10/05/2022

US sanctions against Russian maritime sector

On 8 May, the US imposes further sanctions targeting Russian maritime companies and a number of associated vessels, which are alleged to have assisted with the resupply of Russian troops and the continued occupation of Crimea.  The list of sanctioned shipping companies includes:

  1. Oboronlogistika;
  2. SC South LLC, which is a subsidiary of Oboronlogistika;
  3. Northern Shipping Co, including 27 of their vessels;
  4. Transmorflot, including 16 of their vessels;
  5. M Leasing LLC;
  6. Marine Trans Shipping LLC; and
  7. Nord Project LLC Transport Co.

Further details can be found in Executive Order 14024, which is available on the US State Department website (https://www.state.gov/state-department-actions-to-promote-accountability-and-impose-costs-on-the-russian-government-for-putins-aggression-against-ukraine/)

10/05/2022

UK imposes new trade sanctions

On 9 May, the UK announced a new package of trade sanctions.  The sanctions focus on two key areas:

  1. New import tariffs on platinum and palladium; and
  2. Planned export bans intended to hit more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, including certain chemicals, plastics, rubber and machinery.

A copy of the press release can be found here – UK punishes Putin with new round of sanctions on £1.7 billion of goods – GOV.UK (www.gov.uk)

06/05/2022

On 4 May 2022 the EU adopted a sixth package of sanctions against Russia. Whilst many of the measures are unlikely to impact the shipping industry, we want to draw Members’ attention to the following provisions:

  • The removal of Sberbank, Russia’s largest bank, and two other major banks from the SWIFT system; and
  • An import ban on all Russian oil products.

The EU has been grappling with the issue of dependency on Russian energy, but particularly Russian oil.  This sixth package of sanctions provides that Russian crude oil will be phased out within 6 months and the import of refined products by the end of 2022.  This will bring the EU into line with the US, who banned the import of Russian oil in March.

16/03/2022

EU announces the next round of its Russia sanctions package

10/03/2022

Singapore imposes sanctions against Russia

Update on Russian sanctions – oil and gas

04/03/2022

EU Regulation 2022/328

Russian Banks Banned from SWIFT

25/02/2022

Update on Russian Sanctions – 25 February 2022

24/02/2022 - 14:57

Ports in Ukraine – Correspondent update from Dias Marine Consulting PC

The latest updates on the situation:

Black Sea Ports  

All the Ports of Black Sea: Odessa, Chernomorsk, Pivdenny (Yuzhny), Nikolaev, Dneprobugsky are closed.

Azov Sea Ports  

Ports of Berdyansk and Mariupol are closed till the approval by authorities. All the vessels are to hold ready for leaving the ports.

We regret to say that there’s no knowing how long the situation will last. We will keep you updated.

Disclaimer:  The situation might have changed since this was reported to us at 14:57 today

23/02/2022

Update on Russian Sanctions – 23 February 2022

11/02/2022

New UK Russian Sanctions Powers

03/02/2022

European Sanctions: “If Russia invades Ukraine…” sanctions webinar recording

Select a country to view related sanctions.

Find sanctions by country

Contact

If you have any queries or questions relating to sanctions, please contact one of our team on the details below.

Britt Pickering

Claims & Legal Director

Office tel No: +44 207 488 0911
DDI: +44 207 423 7118
Mobile No: +44 7703 254282

After qualifying as a solicitor in 1998, Britt worked for a large City firm specialising in insurance litigation and yacht/pleasure craft claims. Britt then spent over two years with another P&I club dealing with Legal Assistance & Defence (FD&D) and cargo claims for Members in the Far East before joining the Shipowners’ Club in 2003. In 2012, Britt became Claims and Legal Director of the Shipowners’ Club, with overall responsibility for claims and legal services across all branches.