Search for ships currently entered in the London P&I Club by their name or I M O number Search Search for correspondents in our global network by country/area or port/city Search Ukraine/Russia – Sanctions Update of 2 March 2 March 2022 Further to our previous news alert of 24 February regarding the situation in Ukraine generally and the sanctions imposed upon Russia (click here ), the following additional sanctions have been introduced: US Sanctions • Further Russian banks have been sanctioned: - Otkritie and Novikombank (and their subsidiaries worldwide), and - VTB Bank PJSC (VTB), Russia's second-largest bank, and 20 of its subsidiaries • US lawyers Holland & Knight LLP have commented that “Any entities owned 50 percent or more, directly or indirectly, by these or other SDNs are also subject to full U.S. blocking sanctions, even if the entities do not formally appear on the SDN List… Non-U.S. persons are also prohibited from engaging in transactions or other business dealings involving the banks if those activities have a direct or indirect nexus with the United States or U.S. persons. Non-U.S. financial institutions and companies could also be subject to secondary sanctions, including potentially being added to the SDN List themselves, if they conduct a “significant” transaction with either institution following the imposition of sanctions.” • Further and pursuant to Directive 3 under Executive Order 14024, US OFAC expanded Russia related debt and equity restrictions to additional companies critical to the Russian economy (prohibiting transactions and dealings by US persons or within the US in new debt of longer than 14 days maturity and new equity). EU Sanctions (as reported by EU Press Release) Individual sanctions • In addition to freezing the assets of the Russian President and Minister of Foreign Affairs, the EU will impose restrictive measures on members of the National Security Council of the Russian Federation who supported Russia’s immediate rec