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Russian Sanctions, Price Cap and the Maritime Industry

Posted on: 23 March 2023

Maritime London and Watson Farley & Williams LLP (WFW) ran a successful event, a panel discussion entitled “Russian Sanctions, Price Cap and the Maritime Industry”, followed by evening drinks on March 8th, which was hosted at WFW’s London offices.

On 5 December 2022, the long-awaited Russian oil price cap measures and related sanctions came into effect. It is no surprise that these measures are heavily focused on the maritime industry. Policymakers have long recognised the central role of shipping in international trade, and therefore used sanctions affecting shipping (through insurance, financing, etc.) when they wished to limit, or sanction, trade. However, none of this is likely to lessen some of the challenges posed by the regime, and it seems clear that regulators, market participants and their advisers have already been grappling with some of the issues.

WFW’s Simon Kavanagh, Partner and Mary Mackintosh, General Counsel, delivered set the scene with a presentation outlining the sanctions landscape, which was followed by a lively panel discussion focusing on the challenges and risks that have been posed to the maritime industry in attempting to comply with the sanctions regime. The panel included Stephen Fewster, Global Head, Shipping Finance at ING Bank, George Macheras, Global Maritime Sector Co-Head at Watson Farley & Williams, Neil Roberts, Head of Marine and Aviation at Lloyd’s Market Association (LMA) and Sandra Rosignoli, Group General Counsel and Head of Compliance at H. Clarkson & Company Ltd, and was moderated by Jos Standerwick, Chief Executive at Maritime London.

George Macheras commented: “It was a pleasure co-hosting this event with Maritime London and to participate in a panel comprised of leading industry players. Sanctions have always been a sensitive and complex area and the current legislation relating to Russia is no exception. Many thanks to all who attended the event and joined in on the discussion. WFW remains committed to working with our clients, Maritime London and all relevant stakeholders in advising and navigating through this ever changing regulatory regime and its challenges.”

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Maritime London – the promotional body for UK based companies providing professional services to the international shipping industry

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