Trade sanctions are a foreign policy tool that individual countries and supranational organisations impose to influence the political behaviour of other nations. As such, many sanctions affect the conduct of the shipping industry, the Club and our Members. Sanctions can also directly affect Members’ Club cover.
Considering the continuously developing and critical geopolitical landscape, we regularly prepare information about the latest changes to sanctions. We also have specialists who can provide information and advice about how sanctions can affect insurance cover.
Although we encourage Members to use our resources and receive our support, this should not be considered, or relied on, as independent legal advice. It’s therefore essential that Members fully conduct their own due diligence when considering any business that relates directly, or indirectly, to a sanctioned country.
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Disclaimer
The information provided by the Club is not intended to be exhaustive. Although we make every effort is to ensure the accuracy of the information provided, this cannot be guaranteed considering that sanctions measures are subject to changes by Government organisations at short notice. Similarly, the information on this site, or through our team, is not, and should not be relied upon as independent legal advice.
We strongly advise Members to undertake due diligence before agreeing any business to or from a sanctioned country to ensure that neither the prospective cargo nor the parties to the planned venture are sanctioned. We are committed to assisting our Members where we can, but we always encourage them to take independent legal advice when making decisions related to sanctions implications.
For our circular on providing voyage attestations, click here
