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.

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”).

On 19 September 2022, the EU amended its FAQs clarifying that the carriage of certain cargoes from Russia including coal and certain types of fertiliser (and related insurance) is not prohibited (under Council Regulation (EU) 833/2014) when the goods are being transported to non-EU countries

The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine. 

On 19 September 2022 the EU further amended its FAQS clarifying the application of provisions relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels as well as certain types of fertilizer. 

[AMENDED 22 JULY] On 21 July 2022 the European Union published a Maintenance and Alignment Package

On 21 June 2022, the UK government imposed further trade restrictions against Russia under The Russia (Sanctions) (EU Exit) (Amendment) (No

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

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

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

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.

Here you can find the latest Club news and resources on how sanctions impact Members

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").