International Group FAQs - US sanctions Iran - March 2013

The attached FAQs from the International Group provide a comprehensive summary of the relevant legislation and key provisions that impact on trade activities and financial transactions with Iran, including restrictions on the movement of goods to and from Iran and the provision of services that could affect shipowners and their insurers if shipowners perform sanctionable voyages to or from Iran.

The FAQs highlight also the penalties, civil and criminal, that could be imposed on persons and entities for a breach of US legislation.

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    28/03/2022

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UK P&I

Date18/03/2013

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The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine. The applicable UK legislation is The Russia (Sanctions) (EU Exit) Regulations 2019, which has been amended by eight additional regulations (the “Amendments”).

On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.

The Club would like to draw Members' attention to the update below from the Club's Correspondents in Australia.

The shocking events that are unfolding daily in Ukraine are truly dreadful, and the consequences of sanctions and restrictions will have numerous implications across the globe.