The latest Club news and resources on how sanctions impact Members.
The European Union announced a significant expansion of sanctions against Russia in light the deteriorating situation in Ukraine on 25 February 2022
Russian banks banned from SWIFT
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
Russia-Ukraine Crisis: External Resources
The Club have collated external resources and information relevant to the current crisis in Ukraine.
Since 2010, considerable sanctions' activity has been directed at shipping and its supporting industries reflecting the fact that 90% of world trade involves the carriage of goods by sea.
This Circular provides information on the recent designation by the Government of the United States on Venezuela's Maritime Authority (Instituto Nacional de los Espacios Acuaticos - "INEA").
This Circular concerns efforts by the United States to enhance the sanction provisions targeting the construction of the NS2 and TurkStream pipeline projects and those who provide vessels and services in connection with either project.
U.S. sanctions update
During the last few weeks, U.S. authorities have increased their focus on international shipping in a recent escalation of sanctions.
Sanctions: COSCO license update
The UK P&I Club have received the following client alert from Freehill Hogan and Mahar, regarding a COSCO license update.
Sanctions: OFAC De-Lists Ventspils
The UK P&I Club have received the following client alert from Freehill Hogan and Mahar, regarding the delisting of Ventspils by OFAC.
The UK P&I Club has received the following update from Freehill Hogan and Mahar regarding an established winddown period for COSCO.