
Sanctions
Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government.

Ukraine’s ongoing agony could alter the face of shipping forever
Three years after the Russian invasion, many of the subsequent changes to our industry look set to become permanent

Sovcomflot suffers while Frontline comforted by ‘business as usual’ approach
Frontline said it expected sanctions pressure from the UK, EU and US to continue and push the tanker sector into less risky trades

Virgo Marine costs ruling could impact wider London arbitrations
Banks applying Washington-imposed restrictions extraterritorially despite blocking statute, argues Zaiwalla & Co

US FMC probing lax flag registries amid mounting safety concerns
The FMC is conducting a non-adjudicatory investigation into flag states with ‘little or no oversight or regulation’, which it says pose safety risks that endanger ocean shipping supply chains

Russia lashes out at Nato ‘pirates’ as UN addresses escalating maritime security concerns
As president of the UN Security Council, Greece wanted to raise the issue of maritime security, but that bid quickly descended into a series of accusation and counter accusing concluding with a threat from Russia that ‘this path leads directly to military escalation’

EU sanctions Russian grain operator in occupied Zaporizhzhia
All arrivals to Berdiansk are dark port calls, but satellite imagery confirms the port is open

Ofac to allow potential sale of US-sanctioned, Houston-stranded Tinos I
Ofac has issued a general licence authorising certain transactions relating to Tinos I, the gas tanker that was sanctioned by the US last month while anchored off Houston. Along with permitting safety-related transactions, the licence also authorises a potential sale of the vessel

Over 10% of the tanker fleet is now sanctioned following latest EU and UK measures
The EU and UK are scaling up their sanctions against Russia with more to come, despite the absence of US support

Cook Islands registry removed from flag states’ information-sharing compact
The Cook Islands registry has been ejected from RISC, the information-sharing database launched to prevent sanctions-skirting tankers from hopping between flags, according to a source with direct knowledge of the matter
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