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NEWS

24.02.2022

UPDATE ON SANCTIONS after Russiaโ€™s attack on Ukraine

There have been diverse sanctions implemented by the US, EU and UK over the past couple days in response to Russian aggression towards Ukraine. Given last nightโ€™s invasion, we expect more severe sanctions to be implemented imminently.

There are multiple sources online that publish continual, updated information about recent developments and we encourage our members to tune into these resources to remain appraised of the latest information. The website https://www.europeansanctions.com/ has particularly useful and prompt information although some content requires a subscription. Flag states, P&I clubs and war risk insurers will also be a good source for providing up to date security information.

Sanctions Presently in Place
While the breadth of action taken has varied, the nature of the sanctions implemented is very similar and indeed, coordinated, as confirmed by EU High Representative Josep Borrell.

There have been a number of entities and individuals designated (often appearing on several lists) including: Russian oligarchs, banks, members of the Russian State Duma, and people and entities connected to the declaration of independence of Donetsk and Luhansk. There have been steps taken to curtail trade with the regions of Donetsk and Luhansk and we expect trade sanctions to be broadly expanded. It is highly likely that the Russian financial sector will be targeted further and it would also not be surprising if further sanctions are imposed on the Russian energy sector. In that vein, Germany has already announced that it will halt certification of the Nord Stream 2 pipeline.

Designated Entities
Nordisk has the capacity to perform sanctions searches on individuals and entities using various resources. If members wish to conduct more limited sanctions searches, however, the following links should be of assistance:

  • The EU Consolidated List of entities subject to financial sanctions can be found here: Link.
  • The UK Sanctions List can be found here: Link.
  • The US SDN List can be searched here: Link.

We continue to follow this crisis as it develops and remain available to assist with any concerns that our members may have, in particular with respect to the applicability of safe port warranties, sanctions clauses, war risk clauses and war cancellation clauses.

Inquiries can be directed to sanctions@nordisk.no or post@nordisk.no.