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ITIC circular: Baltic Exchange update regarding sanctions imposed on Russia
The following circular has been produced by the Baltic Exchange in regards to the sanctions imposed on Russia:
Following discussions with a Baltic Member who received oral guidance from the UK Government, the Baltic Exchange is of the opinion that UK persons are prohibited from broking, chartering and selling vessels to persons connected with Russia, and to do so would breach inter alia UK sanctions: Part 5 Chapter 2 Clause 29 (1) of the Russia (Sanctions) (EU Exit) Regulations 2019.
Definition of “Persons connected with Russia”
For the purposes of these sanctions, regulation 57I (5) provides that a person is ‘connected with Russia’ if they are:
- An individual who is, or an association or combination of individuals who are, ordinarily resident in Russia
- An individual who is, or an association or combination of individuals who are, located in Russia
- A person, other than an individual, which is incorporated or constituted under the law of Russia, or
- A person, other than an individual, which is domiciled in Russia.
Definition of “UK Persons” set out in UK gov Russia sanctions: guidance updated 31 March 2022 UK persons includes:
- British nationals as well as
- All bodies incorporated or constituted under the law of any part of the UK
- All companies established in any part of the UK
- Branches of UK companies operating overseas.
The Baltic Exchange recommends that UK Members urgently take their own independent legal advice on this issue and take extra care in performing background checks on companies and potential clients.