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.
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.
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”).
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.
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 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 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
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.
