Tag: Sanctions

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.

More than 40 marine fuel suppliers from around the world have gathered at this year’s Posidonia during a critical juncture for the US$300billion bunkering market, due to the double whammy of the geopolitical crisis and the uncertainty surrounding the regulatory framework pertaining to the decarbonisation of the shipping industry.

Since February, the EU has imposed sixth packages of sanctions against Russia, including targeted restrictive measures (individual sanctions), economic sanctions and diplomatic measures. The EU has also adopted sanctions against Belarus in response to its involvement in the invasion of Ukraine.

The UK and EU agreed to a ban on insuring ships carrying Russian oil, after the European Council earlier agreed to ban seaborne imports of Russian oil.

The EU’s fifth package of sanctions against Russia included a prohibition on Russian flagged ships entering EU ports after 16 April 2022. Under this light, the West P&I Club provides further information on the matter.

After the IG Clubs published a Circular explaining that operators must now report to the Club all vessel calls to Russia and transits through Russian territorial waters, and the regulatory basis for this new requirement, the Shipowners Club provided FAQs for further explanation.

ICS noted that ship operators are braced for further disruption to trading patterns as the European Union targets a sixth round of sanctions against Russia in response to its invasion of Ukraine.

The war in Ukraine has prompted the European Union and other bodies to impose a number of sanctions on Russia. The extensive import of energy (crude oil, oil products, LNG, coal) is not (yet) affected by sanctions, but the export and transhipment of containers in particular suffers from the uncertainty caused by the war and the sanctions, mentions the Port of Rotterdam authority.

On 17 March 2022 the UK Government published a General Trade Licence to clarify earlier amendments to the UK Russia sanctions.

The US decided to ease sanctions to enable Venezuelan oil to be transported to Europe to help those countries reduce their dependence on Russian oil.