On the evening of the 22nd February we were presented an insight in to Russian sanctions from HFW.
EU and UK sanctions against Russia, with their rolling updates, continue to raise questions throughout the shipping, trading and insurance industries.
Sarah Hunt explained how these different sanctions operate, first considering the notions of “ownership” and “control” and then moved on to examine specific products falling within sectoral sanctions including Russian origin coal, gold, metals, oil, petroleum products and the concept of “revenue generating goods”.
These sectoral prohibitions are generally accompanied by a corresponding prohibition on “related services”, such as brokering, technical assistance and financial services, which include insurance and reinsurance, which were considered in detail.
Finally, John Barlow considered briefly how sanctions impact certain insurance and reinsurance activities and how recent DIFC Court decisions in the UAE will require insurers and reinsurers to look carefully at their contractual documentation.
For more information on HFW please check out:
Our speaker bios:
John Barlow: www.hfw.com/John-Barlow
Sarah Hunt: www.hfw.com/Sarah-Hunt
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