On the 23rd June the EU passed regulation 692/2014 which prohibits imports into the EU of good originating from Crimea and prohibits the provision of financial assistance, as well as insurance and reinsurance related to the import of such goods. The regulation came into force on 25th June 2014 although the prohibitions do not apply until 26th September 2014 to the completion of contracts concluded before 25th June 2014 - but here, notice has to be given at least 10 working days in advance to the authorities.
There is also an exception for goods originating in Crimea which have a Ukrainian certificate of origin. Further guidance may be given in due course by HM Treasury. The regulation is directly applicable throughout the EU and also outside the EU to any person which is a national of a member state. For text of the regulation:
The International Group of P&I Clubs, International Chamber of Shipping (ICS), BIMCO and InterManager (the “international industry organisations”) draw Members’ attention to the series of recent ship detentions and crew arrests in Mexico and, in the case of the UBC Savannah, the lengthy and continuing detention in custody of the ship’s Master without any formal
The Guidance provides detail on the level of due diligence and other compliance related activities expected by the US Government of parties whose business activities run a risk of engaging in trades that may breach US sanctions.
Further to the UK Club’s recent Legal Update on Electronic Bills of Lading (Part I & Part II), the Frequently Asked Questions and Answers are provided for Members’ additional guidance.
