Here you can find the latest Club news and resources on how sanctions impact Members
This circular highlights recent key developments in the sanctions imposed against Russia by the UK, EU and US.
Circular 17/23: United States temporarily authorizes transactions involving oil, gas and gold in Venezuela
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 24 February 2023, the one year anniversary of Russia's invasion of Ukraine, the US Department of State and the US Department of Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on numerous additional individuals, entities and vessels that the US has determined are engaged in sanctions evasions.
On 25 February 2023, the EU adopted its 10th package of sanctions against Russia
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.
Circular 17/22: The Price Cap on Russian Oil
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”).
Circular 13/22: EU Sanctions - updated FAQs published by the EU on the carriage of certain Russian cargoes including coal and fertilisers
EU updated FAQs on 19 Sept and 7 Oct 2022 to clarify transporting certain Russian goods to non-EU countries is not prohibited under Council Regulation (EU) 833/2014.
Circular 11/22: 8th EU Sanctions Package
The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine.
Circular 09/22: EU Sanctions - clarification published on the carriage of certain Russian cargoes including coal and fertilisers
On 19 September 2022 the EU further amended its FAQS clarifying the application of provisions relating to the carriage of certain cargoes from Russia
Circular 07/22: Sanctions - The European Union’s 6th Sanctions Package - EU Regulation 833/2014– (the “Regulation”)
[AMENDED 22 JULY] On 21 July 2022 the European Union published a Maintenance and Alignment Package
UK Sanctions - New Trade Restrictions
On 21 June 2022, the UK government imposed further trade restrictions against Russia under The Russia (Sanctions) (EU Exit) (Amendment) (No
UK Russia Sanctions - An Update
The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine
On 8 April 2022 the EU adopted a fifth package of sanctions on Russia, comprising of several Regulations and Decisions
EU impose further sanctions on Russia
On 15 March 2022 the EU adopted a fourth package of sanctions in response to Russia's military aggression against Ukraine.
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