Cyprus: Shipping must be protected from EU sanctions against Russia
According to Cyprus's President, Nicos Anastasiades, the EU needs to ensure that its Russia sanctions do not negatively impact the bloc or individual member states.
Read moreAccording to Cyprus's President, Nicos Anastasiades, the EU needs to ensure that its Russia sanctions do not negatively impact the bloc or individual member states.
Read moreInsurers have been used to dealing with sanctions for a long time. The sanctions against Iran 12 years ago led to a number of adaptions and the development of sanction clauses. It is, however, still a challenge for marine insurers to be aware of any new sanctions, to understand their impact and to comply with them, highlights Mr. Lars Lange, IUMI Secretary General.
Read moreOn 10 August 2022 the EU published updated FAQs clarifying the application of provisions relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels as well as certain types of fertilizer.
Read moreEurope eased back on efforts to curb trade in Russian oil, as it delayed a plan to shut Russia out of the maritime insurance market.
Read moreOn 21 July 2022 the European Union published a “Maintenance and Alignment Package” in respect of its sanctions programme against Russia. The package includes amendments to Regulation (EU) No. 833/2014. The changes of most relevance to shipping are in relation to dealings with Russian State-owned entities in the context of the carriage of Russian oil to non-EU destinations.
Read moreOn 5 July 2022, the UK government introduced a new tranche of economic, trade and transport sanctions on Belarus in response to Lukashenko’s support of Russia’s invasion of Ukraine.
Read moreOn 3 June 2022 the EU published its 6th package of sanctions against Russia, and the IG Clubs published a circular focusing the measures in the 6th package of sanctions which impact on the transport and insurance of oil and petroleum products; and the prohibitions on transacting with Russian state-owned enterprises.
Read moreIUMI 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.
Read moreMore 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.
Read moreSince 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.
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