Since Russia's unprovoked invasion of Ukraine, targeted sanctions have been introduced and subsequently increased by the US, EU, UK and other countries.
The EU has now adopted six packages of sanctions, with the most recent regime published on 3 June 2022. The latest package contains a complete EU import ban on all Russian seaborne crude oil and petroleum products on all vessels carrying Russian sourced oil and oil products. The ban is subject to complicated transition periods to allow the energy sector and global markets to adapt. These will be difficult to control in detail.
Marine underwriters have already been cutting contractual relations with Russian owners and entities, in order to comply fully with the sanctions. This has been a challenging and complex process. IUMI hopes regulators will work with the industry to ensure any new measures are both clear and feasible.