Alandia.com does not support Internet Explorer, please switch to another browser.
The Joint War Committee (JWC) has amended the Listed Areas and we hereby give notice of cancellation with effect from 6th April 2022... Read more

Update on the Ukraine situation and trade to Russia, Ukraine and Belarus

Ukraine-russia,Crisis.,3d,Rendering,Illustration,Map,Of,Europe,With,Ukraine

The sanctions programmes related to the Ukraine situation has under a short period of time expanded and become very complex.

We urge our clients to continuously assess the situation and evaluate whether sanctions may be applicable to their business and trade involving Ukraine, Russia and Belarus, and if so, whether a general license might be required, as the prohibitions on export and import to and from Russia has expanded.

We kindly remind that it is the client’s obligation to ensure sanctions compliance, including a thorough due diligence ensuring transparency on counterparties and confirming origin of cargo. Due to the complexity, we recommend clients to seek external legal advice under any uncertainty, as a failure to comply with the EU, UN, UK and the US sanctions legislation will have implications for the insurance cover.

In addition to sanctions exposure, we recommend clients to monitor flag state(s) information regarding the current situation, as well as to include other aspects in their assessments, such as potential practical problems that may arise with payments, the security situation in general rights of the crew.

For further information on the development, we recommend monitoring the below websites.

Please contact your underwriter where specific questions in regard to insurance cover may arise.

 

News and updates on sanctions development:

EU: https://www.consilium.europa.eu/en/press/press-releases/

UK: https://www.gov.uk/government/latest?departments%5B%5D=office-of-financial-sanctions-implementation

US: https://home.treasury.gov/news/press-releases

Finnish Ministry of Foreign Affairs: https://um.fi/russian-attack-on-ukraine

Finnish Customs: https://tulli.fi/en/russian-attack-on-ukraine

 

Detailed export and import related restrictions

EU: 833/2014

US: EO14066 and EO14068

UK: The Russia (Sanctions) (EU Exit) Regulations 2019

Reuters Overview: https://graphics.reuters.com/UKRAINE-CRISIS/SANCTIONS/byvrjenzmve/index.html

 

Frequently asked questions:

EU: https://ec.europa.eu/info/business-economy-euro/banking-and-finance/international-relations/restrictive-measures-sanctions/sanctions-adopted-following-russias-military-aggression-against-ukraine_en

Insurance and reinsurance: https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/faqs-sanctions-russia-insurance_en.pdf

Export related restrictions: https://trade.ec.europa.eu/doclib/docs/2022/march/tradoc_160081.pdf

US: https://home.treasury.gov/policy-issues/financial-sanctions/faqs/search?faq-search=&field_topic_target_id=6626

UK: https://ofsi.blog.gov.uk/

https://www.gov.uk/government/publications/ofsi-guidance-html-documents/importers-and-exporters-financial-sanctions-frequently-asked-questions

 

Other useful links:

BIMCO: www.bimco.org

IUMI: https://iumi.com/news/podcast/the-implications-of-the-ukraine-crisis-on-marine-insurance

CEFOR: www.cefor.no

Insurance Marine News: https://insurancemarinenews.com/insurance-marine-news/sanctions-against-russia-could-have-major-impact-on-shipping-insurance-reed-smith/

NATO: https://shipping.nato.int/nsc/operations/news/-2022

US Maritime Advisories: https://www.maritime.dot.gov/msci-advisories

Crew rights ITF/IBF: ITF Warlike and high risk areas | ITF Seafarers

 

Sanctions Tools:

EU/UN: https://www.sanctionsmap.eu/#/main

UK: https://sanctionssearch.ofsi.hmtreasury.gov.uk/

US: https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-list-search-tool