The situation in Ukraine and the corresponding sanctions regimes imposed against Russia are developing rapidly. Numerous Russian individuals and entities have been added to EU, UK and US sanctions lists over the last few days, with a particular focus on Russian banks and financial institutions. More are expected to be added in the coming days. The possibilities for EU-based entities, such as the Club, to transfer money or issue securities in Russia may be affected by the new sanctions regimes, and extra care will need to be exercised in each specific case. 

Sanctions concerning export and import of various goods are further being imposed or are threatened to be imposed in the near future with a particular focus on the finance, energy and defence sectors of the Russian economy. A ban has been put in place on the export and import of certain goods to and from the Donetsk and Luhansk regions of Ukraine.

Members are advised to exercise particular care in performing due diligence on any trade to Russia or the Ukraine they may be contemplating. Reference is made to the Club’s ‘Guidance for Owners and Charterers on sanctions compliance practices’. (See below documents.)

Updated information on the EU, UK and US sanctions regimes in place against Russia from a shipping perspective, as well as information on insurance cover and services, can be found on the sanctions section of the Club’s website:

https://www.swedishclub.com/loss-prevention/legal/sanctions/

In case of Members have any further questions regarding sanctions and Club cover, please contact the Club’s FD&D claims handlers.