IUMI published a statement on the Russian invasion of Ukraine, expressing its hope that regulators will collaborate with shipping to agree that any sanctions are feasible.
Since Russia’s invasion of Ukraine, targeted sanctions have been introduced and subsequently increased by the US, EU, UK and other countries.
Now, IUMI notes that marine underwriters have already been cutting contractual relations with Russian owners and entities, in order to comply fully with the sanctions.
This has been a challenging and complex process. IUMI hopes regulators will work with the industry to ensure any new measures are both clear and feasible
The EU has now adopted six packages of sanctions, with the most recent regime published on 3 June 2022. The latest package contains a complete EU import ban on all Russian seaborne crude oil and petroleum products on all vessels carrying Russian sourced oil and oil products.
The ban is subject to complicated transition periods to allow the energy sector and global markets to adapt. These will be difficult to control in detail.
In addition, the UK and EU had agreed to a ban on insuring ships carrying Russian oil, after the European Council earlier agreed to ban seaborne imports of Russian oil.
However, former president Dmitry Medvedev said that Russia will cover Russian oil tankers to ensure they are able to continue making deliveries, if they are unable to get insurance because of Western sanctions.
