UK Sanctions - An Update
The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine. The applicable UK legislation is The Russia (Sanctions) (EU Exit) Regulations 2019, which has been amended by eight additional regulations (the “Amendments”).
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
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.
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").
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.
The UK Club have received the following update from Freehill Hogan and Mahar, regarding the United States decision to lift sanctions on Turkey.
The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has continued to focus on international shipping as a means to implement the Iranian sanctions program and has now turned its attention to the bunkering of vessels engaged in Iranian trade or involving Iranian vessels.
On Monday 5 August, 2019, President Trump issued Executive Order 13884, effectively blocking the assets of the Government of Venezuela in the United States or in the possession and control of any United States person.
On May 8, 2019, exactly one year after President Trump announced that the United States was withdrawing from the Joint Comprehensive Plan of Action ("JCPOA") and would re-impose the U.S. secondary sanctions against Iran, President Trump issued an Executive Order "Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran."