News

Further to our Notice to Members on the EU’s 11th sanctions package the EU has since provided further guidance by way of updated FAQs.

Tim Davies

Deputy Head of Claims (Eastern Team)

On 23 June 2023 the EU Council adopted the 11th package of economic sanctions against Russia to prevent their circumvention and further erode Russia’s revenues.

Tony Paulson

Head of Asia & Corporate Director

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

Head of Asia & 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

Head of Asia & 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

Head of Asia & 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

Head of Asia & 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

Head of Asia & 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

Head of Asia & 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

Head of Asia & Corporate Director