ITIC circular: Sanctions against Russia

As per the government’s press release of Thursday 17th October 2024 "the UK unleashed the largest package of sanctions to date against Putin’s shadow fleet of oil tankers.18 more shadow fleet ships will be barred from UK ports and unable to access world-leading British maritime services, bringing the total number of oil tankers sanctioned to 43."

ITIC would like to take this opportunity to remind members to keep track of sanctions, as new sanctions continue to be imposed. It is recommended that you continue to check relevant sources of information regarding applicable sanctions including the UK government website for all updates.

You can read the latest update here:

"UK strikes at the heart of Russian energy revenues funding Putin’s war"

If ITIC members become aware, or have concerns, that their clients and/or parties in a transaction have become a sanctioned entity, or are concerned as to whether the sanctions regimes apply to any of their transactions, they should contact specialist sanctions lawyers as soon as possible. There is a dedicated Russia-Ukraine conflict page on the ITIC website, where you can find further circulars and podcasts on the topic.

Please note that the sanctions landscape changes continually. This guidance is based on the sanctions in force at the date of publishing only. It identifies only some of the key prohibitions and does not constitute legal advice. It is provided for general information purposes only and should not be understood as guidance on any particular claim or trade, or an assurance that ITIC will cover any particular claim. Whilst we have taken reasonable care to ensure the information in this circular is correct on the date of publication, it is provided without any guarantee or warranty as to its accuracy.