International Association of Classification Societies (IACS) voted to expel the Russian Maritime Register of Shipping from their ranks.
Following Russia’s invasion of Ukraine, many countries have imposed sanctions on the Russian economy. Last week, the Russian Maritime Register of Shipping (RS Class) was added to the EU’s financial-sanctions list.
In addition, the UK has taken measures to freeze the assets of every Russian bank, with the aim of limiting the transactions with the Russian financial sector.
On Friday, IACS announced that it has voted to expel RS Class.
Following the recent, tragic developments in Ukraine and resulting actions taken by governments and other entities worldwide including, in particular, sanctions in the UK where IACS is domiciled, IACS Council has been continuously reviewing the developing sanctions landscape
…the organization wrote and continued “Following the receipt of external legal advice, IACS Council today agreed that the Russian Maritime Register of Shipping’s (RMRS) ongoing membership of IACS is no longer tenable.”
The IACS Council voted to withdraw the membership of RS Class, with the agreement of at least 75% of its members.
IACS deeply regrets the circumstances that have resulted in this decision and hopes that hostilities in Ukraine will cease as soon as possible, and that peace will return to the region
…the council wrote.
In the meantime, IBIA joins others in condemning Russia’s invasion of Ukraine and decided to suspend all services to Russian members of the Association until further notice.
IBIA noted the widespread international condemnation of Russia’s hostile actions in Ukraine, as well as the imposition of significant sanctions against Russia and Russian interests by a large number of countries.
Taking the above into consideration, it urged all members to be vigilant in all their business transactions to ensure they are not in breach of any applicable sanctions.
In the same direction, Lloyd’s Register announced its decision to disengage from the provision of all services to Russian owned, controlled or managed assets or companies.
LR said that it has taken this decision after “closely monitoring the very concerning situation in Ukraine over the past two weeks,” and based on the latest legislative requirements taking effect in the United Kingdom, the European Union and United States.
Accordingly, DNV will not enter into new business with Russian companies nor into new business activities in Russia. DNV explained that it will follow international sanctions and the intentions behind them, and is also reviewing all ongoing contracts and operations with Russian entities. Commenting on the decision, Remi Eriksen, DNV Group President and CEO, said that DNV is “deeply disturbed by the invasion of Ukraine, which is inflicting terrible harm to the citizens of Ukraine and threatening peace across the region.”
Also, Shell stopped buying Russian crude, aiming to phase out its involvement in all Russian hydrocarbons from oil to natural gas over Ukraine. Shell had apologized on March 8 for buying Russian oil after it had said it would pull out of its Russian operations.
