Page 118 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024

GEOPOLITICS & SHIPPING

Before Russia invaded Ukraine in 2022, the shipping industry had, for a long time,
been aware of sanctions on countries such as Iran, North Korea and Venezuela. Indeed,
international sanctions had been imposed on Russia since their annexation of Crimea in
2014.

CHALLENGES POSED

PRESENT

OPPORTUNITIES

FOR INNOVATION

Shipping has become reasonably familiar with restrictions, and, for the
most part, the implementation of these sanctions had been effective.
by Oliver Hutton Russia’s invasion of Ukraine, however, was met with a massive wave of
Claims Manager, FD&D and P&I, Solicitor sanctions against Russia, drastically challenging the shipping industry.
The Swedish Club Greece
Indeed, an entirely new test awaited owners, charterers, insurers, and
other service providers trying to get a clearer picture of the latest and
ever-changing sanctions landscape.
As the number of sanctioned entities, designated persons, and pro-
hibited cargoes has grown, so have the demands and difficulties. To
mitigate the heightened risk of sanction breaches, industry stakehold-
ers have boosted their efforts to enhance compliance measures and
due diligence practices. Trade associations and regulatory bodies have
been providing ever more guidance to ensure that shipping companies
remain compliant, and nowadays, companies and firms have dedicated
Sanctions Departments.

EU
To coincide with the second anniversary of Russia’s invasion of Ukraine
on 24 February 2022, the EU adopted a 13th package of sanctions
& Lucie Ryan, against Russia. With this unprecedented package of 194 individual
Senior Claims Executive, P&I and FD&D designations, including 106 individuals and 88 entities, the number
The Swedish Club Greece
of individual listings has surpassed 2,000. By targeting Russia’s mili-

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