The Convention will enter into force for seventeen states on 23 April 2014.
In response to resent actions oand use of violence in Ukraine both the EU and the US have introduced samctions which are limited to targeting certain individuals. There are currently no measures aimed specifically at shipping or insurance. However, members and assured with vessels calling at ports in Ukraine should ensure that no sanctioned individuals or entities are involved.
This Risk Alert outlines the apparently expanding area of concern beyond the Gulf of Guinea and offers practical ways of mitigating the threat.
Both the European Union and the United States have recently announced the imposition of limited sanctions in respect of Ukraine.
Following the US/EU announcements (and publication of relevant regulations/guidance) of a six-month suspension of current sanctions measures relating to certain trade with Iran, including sanctions targeted at insurance arrangements as reported in the club circular issued on 19 January 2014 the International Group has been continuing engagement with the relevant US and EU regulators regarding the intended operation of the suspension of insurance sanctions.
This Circular addresses the anticipated changes in EU and US sanctions measures relating principally to transportation and insurance of oil, petroleum and petrochemical cargoes from Iran.