pi_circular Compliance & regulationGeopolitical risk West of England
Sanctions - Russia Restrictive measures in relation to Russia/Ukraine In 2014 the EU, UK and US and many other states introduced economic sanctions in in response to Russia’s illegal annexation of Crimea. Those sanctions have been progressively expanded through successive rounds of sanctions packages following Russia’s invasion of Ukraine in February 2022 and continued aggression. The sanctions include those directed at specific legal and natural persons, by way of asset freeze and travel bans, and restrictions on trade with Russia more generally. Restrictions have also been imposed on trade with Belarus and non-government controlled areas of Ukraine. Please see below links for a summary of the key trade sanctions from the EU, UK and US relevant to the transport of goods by sea. Members are also referred to relevant Notices to Members and News Items, listed below for ease of reference. Members are reminded that all calls to a Russian port or transit of Russian territorial waters must be notified to the Club (see Notice No.2 2022/2023 ). EU Russia/Ukraine Sanctions Freezing Restrictions and Travel Bans EU Regulation No. 269/2014 of 31 July 2014 freezes assets and prohibits making available, directly or indirectly, any funds or economic resources for the benefit of the designated persons. A list of EU designated persons can be found here . Trade Restrictions The majority of trade restrictions are effected by Council Regulation (EU) No. 833/2014 as amended from time to time, the consolidated version of which can be found here . References to Annexes below are to the Annexes of that Regulation. Guidance has been provided by the EU Commission on various aspects of the EU Restrictions, which can be found here . Key restrictions for the maritime industry include those set out below: Provision of goods and services to Russia Subject to certain exceptions, prohibition on the sale, supply, transfer or export, directly or indirectly, to any natur
Russia Sanctions | West P&I Club
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