This page collates updates, circulars and other material relevant to the current crisis in Ukraine.
If members become aware, or have concerns, that their clients and/or parties in a transaction have become a sanctioned entity, or are concerned as to whether the sanction regimes apply to any of their transactions, they should contact specialist sanctions lawyers as soon as possible.
ITIC circular: Sanctions against Russia - The upcoming oil price caps on 5 December 2022
On 6 October 2022, the EU further amended its Russian sanctions legislation to pave the way for its coming price cap on Russian oil and petroleum products...
ITIC circular: EU sanctions against Russia update
On 19 September 2022, the EU issued two amended Russia-sanctions FAQs on the import, purchase, and transfer of listed goods (nos. 2 and 4 available). Read the full circular here...
ITIC circular: EU sanctions against Russia
Since Russia’s invasion of the Ukraine in February 2022, the European Union has progressively intensified its sanctions against Russia.
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...
ITIC circular: EU impose further sanctions on Russia
The following circular has been produced by the UK P&I Club in regards to the latest sanctions imposed by the EU on Russia...
ITIC circular: Update - legislation relating to the banning of Russian connected vessels to UK ports
Further to our circular of 1st March on the banning of Russian connected vessels to UK Ports, please see the link to the legislation detailing the ban...
ITIC circular: UK orders its ports to block all Russian-linked ships
The UK Secretary of State for Transport, Grant Shapps, has written to UK ports requesting that they deny entry to vessels that they have reason to believe are connected with Russia or any individuals who have been sanctioned.
ITIC circular: Sanctions against Russia
The US, UK, EU and other countries have updated and announced new sanctions on Russian individuals and entities (including banks) and trade with specific regions in light of Russia’s invasion of Ukraine. The situation is evolving quickly and further sanctions can be expected to follow.
War, force majeure and ship management
Given the unprecedented nature of the current situation in Ukraine and the complex nature of sanctions being imposed on Russia, ITIC’s Robert Hodge and Julian Clark, Global Senior Partner at Ince, discuss the force majeure clause and its implications as well as the important role ship management companies can play in navigating these challenging issues.
Why you should all be concerned about sanctions
In this special podcast, Geraldine Koon, Senior Claims Executive at ITIC, and Alexander Brandt, Counsel and lead member of the sanctions practice at Reed Smith LLP, discuss the sanctions landscape, which is even more relevant in light of the current sanctions against Russia. Ship agents and shipbrokers should not miss this highly informative podcast offering insight into the importance of having proper systems in place for checking and knowing your clients and transactions, possible consequences of sanction breaches and the potential challenges.
UK P&I Club: Russia-Ukraine Crisis
- US Department of the Treasury - OFAC Recent Actions
- Home Treasury - Specially Designated Nationals and Blocked Persons List