Page 111 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024
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Recent geopolitical developments have radically changed the fundamentals of seaborne trade as the sanctions imposed place
restrictions on the movement of commodities, changing the map of global trade. Russia's war in Ukraine has triggered a round
of sanctions by the EU, UK, and US, aimed at limiting the Russian state's revenue from the transportation of energy goods.
Meanwhile, the United States has reimposed sanctions on Venezuela's oil sector in response to the Maduro government's
failure to allow "an inclusive and competitive election". The Biden administration had partially lifted sanctions on Venezuela in
October 2023, ahead of presidential elections in the South American country this year. Additionally, the crisis in the Middle
East has led to the imposition of new Western sanctions targeting Iran. Amidst this volatile geopolitical climate for the global
economy, representatives from P&I Clubs highlight the impact on maritime trade and shipping.
Edited by: Giannis Theodoropoulos
WEATHERING
THE STORM
OF SHIPPING
SANCTIONS
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