Shipping must navigate its way through 2,400 sanctions in wake of Russia’s war in Ukraine

Date: Friday, July 8, 2022
Source: Splash 24/7

Shipping has to navigate more than 2,000 sanctions in the new complex trading world following Russia’s invasion of Ukraine.

UK-based marine assurance tech firm MIS Marine has tallied the number of individual sanctions that shipping faces and has come up with a total of around 2,400. Moreover, 3,172 distinct vessels would be classed as associated to Russia under the European Union’s port ban situation.

MIS Marine has launched its new entry-level product, Mainstay Core. In addition to providing consolidated vetting data that enables faster and more efficient decision-making, Mainstay Core provides a comprehensive snapshot view of sanction data to support compliance for ship charterers, and minimise the risks for ports and terminals.

Providing a complete data view, responsive compliance tracking and ultimately streamlining vetting operations, Mainstay Core underpins vetting processes for tankers, barges and offshore vessels and their related companies, providing berth-to-berth assurance of an entire journey, contract, or project.

Dominic McKnight Hardy, managing director at MIS Marine, said: “Today, marine assurance is more than vetting. It’s about understanding your complete risk profile. Those risks come in many forms, from compliance and regulatory failings to indirect business with a sanctioned entity.”

The validity of sanctions against Russia formed much of the debate across various shipowning panels at Posidonia in Athens last month with Evangelos Marinakis, chairman and founder of Capital Maritime & Trading Corp, going so far as to call them “bullshit” in front of hundreds of delegates at the TradeWinds Shipowners Forum.


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