On 24 June 2024 the EU Council adopted the 14th package of sanctions against Russia, which includes its first measures targeting Russia’s liquefied natural gas (LNG) sector, further export-related restrictions, sanctioning of vessels and new anti-circumvention measures, such as a requirement for EU companies to undertake best efforts to ensure that non-EU subsidiaries in third countries comply with EU sanctions.

This circular provides an update to the information in Circular 17/23 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela. 

This circular highlights recent key developments in the sanctions imposed against Russia by the UK, EU and US.

The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela.

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.

Following significant engagement between the International Group and the Government of Turkey, an agreement has now been reached for such ships carrying crude oil cargoes and that will allow Members to continue voyages through Turkish controlled international straits and waters.

The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).

The EU, in consultation with the UK, US and Canada have requested SWIFT, the financial messaging system, to disconnect certain Russian banks from using its system, in response to Russia's unprovoked military aggression against Ukraine.

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.

The Law of Ukraine on Sanctions No. 1644-VII has been in force in Ukraine since 2014 and provides for a non-exhaustive list of 24 possible sanction types

During the last few weeks, U.S. authorities have increased their focus on international shipping in a recent escalation of sanctions.

The UK P&I Club have received the following client alert from Freehill Hogan and Mahar, regarding a COSCO license update.