International sanctions are front and centre to the major economic powers’ political strategies and objectives. Shipping as a key cog to the global economy is an obvious sector to be adversely impacted by rises in geopolitical tensions. There has been an increasing focus by sanctions authorities on the maritime sector, with pressure on owners, operators and insurers to adopt ever more extensive due diligence and compliance checks in order to manage these evolving and complex risks. Therefore, marine insurers must keep up to date with new sanction regimes and how to comply with them.
As far as possible, IUMI will assist its membership in keeping up-to-date with relevant sanctions and other restrictions.
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