News 10 Oct, 2022 Ukraine Conflict - EU adopts eighth sanctions package against Russia Tony Paulson Head of Asia & Corporate Director The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine.   Download PDF A number of Regulations and Decisions were published (full details of which can be found here ) but of particular significance for Clubs and their Members is Council Regulation (EU) 2022/1904 (“the Regulation”) which further amends Council Regulation 2014/833. As well as imposing an asset freeze on a number of new individuals and entities, the Regulation contains the following provisions of particular relevance to shipping: Russian Maritime Register of Shipping The Russian Maritime Register of Shipping has been added to the list of Russian state-owned entities as listed in Annex XIX and subject to the restrictions under Article 5aa. EU entities are consequently prohibited from directly or indirectly engaging in any transaction with the Russian Maritime Register of Shipping, but there is a wind-down period until 8 January 2023 to allow for the execution of any contracts entered into before 7 October 2022 or any ancillary contracts necessary for the execution of those contracts. Furthermore, vessels certified by the Russian Maritime Register of Shipping cannot call at EU ports after 8 April 2023 in accordance with Article 3ea. Iron and Steel Products The list of iron and steel products as set out in Annex XVII, where transport to any country including non-EU states is prohibited in accordance with Article 3g, has been significantly expanded. New restrictions have also been added which prohibit from September 2023 the import or purchase of iron and steel products listed in Annex XVII which have been processed in a third country but contain iron and steel of Russian origin. All these provisions include a prohibition on EU entities providing insurance and reinsurance services. M