News

On 24 February 2023, the one year anniversary of Russia’s invasion of Ukraine, the US Department of State and the US Department of Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on numerous additional individuals, entities and vessels that the US has determined are engaged in sanctions evasion. Full details can be found here.

Tony Paulson

Corporate Director

On 25 February 2023 the EU adopted its 10th package of sanctions against Russia. The relevant EU Regulations and Council Decisions can be found here but of particular significance for members is Council Regulation (EU) 2023/427 which further amends Regulation (EU) No 833/2014.

Tony Paulson

Corporate Director

An updated Notice to Members No.15 2022/2023 was issued on 10 February 2023 to take account of the planned expansion of the G7 Price Cap Scheme to Russian petroleum products as from 5 February 2023.

Tony Paulson

Corporate Director

We refer to our Notice to Members No. 16. By way of clarification, the notice of alteration applies to all non-mutual business, including but not limited to...

Simon Parrott

Underwriting Director

On 16 December 2022 the EU adopted the 9th package of Russian sanctions. A number of Regulations and Decisions were published (full details can be found here) but of particular significance for Members is Council Regulation (EU) 2022/2474 which further amends Regulation (EU) 833/2014 (the Regulation).

Tony Paulson

Corporate Director

The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine.

Tony Paulson

Corporate Director

On 21 July 2022 the UK government imposed further trade restrictions against Russia under The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 which amend The Russia (Sanctions) (EU Exit) Regulations 2019) (“the Regulations”).

Tony Paulson

Corporate Director

Notice to Members No.6 2022/2023 was issued on 1 July 2022 advising Members of the EU’s sixth package of sanctions against Russia. A copy can be found here.

Tony Paulson

Corporate Director

In Notice to Members No.2 2022/2023 we explained that Members 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. We now set out below some of the Frequently Asked Questions we and other Clubs have received on the Notice.

The EU’s fifth package of sanctions against Russia included a prohibition on Russian flagged ships (and those which changed their Russian flag or registration to other states after 24 February 2022) entering EU ports after 16 April 2022. The EU have now published some FAQs to give guidance around that prohibition.

Tony Paulson

Corporate Director