Russia is subject to extensive sanctions imposed by the United States, United Kingdom, European Union and numerous other jurisdictions following its annexation of Crimea in 2014 and its invasion of Ukraine in 2022. These measures target key sectors of the Russian economy, including finance, energy, transportation, defence and technology, as well as a large number of individuals, entities and vessels.
Since 2022, sanctions have expanded significantly and now include restrictions affecting maritime transportation, energy exports, financial services, insurance, and the provision of a wide range of services to Russian persons and entities. Particular attention should be given to measures affecting the transportation of Russian-origin oil and petroleum products, including applicable price cap requirements, as well as sanctions targeting vessels and networks associated with so-called "shadow fleet" operations.
The United States, United Kingdom and European Union continue to introduce new sanctions and designations on a regular basis. Whilst many measures are broadly aligned, important differences exist between jurisdictions and Members should ensure that appropriate due diligence is undertaken in relation to counterparties, cargoes, vessels, financial institutions and voyage activities.
Russia-related trade may raise complex sanctions and insurance considerations. Members contemplating such trade should ensure that they remain fully informed of current restrictions and seek advice where appropriate.
This summary is intended as a high-level overview only and does not constitute legal advice. Sanctions regimes change frequently and Members should seek up-to-date advice before undertaking any trade that may give rise to sanctions concerns.
