On June 24, 2024, the European Union (EU) adopted its 14th sanctions package against Russia. This package introduces additional measures targeting various sectors, including the liquefied natural gas (LNG) sector, export restrictions, vessel sanctions, and anti-circumvention measures. These measures are detailed in Council Regulations 2024/1745 and 2024/1746.
We summarize the most important measures as follows:
- Prohibition on Reloading Services for LNG: The EU has banned reloading services of Russian LNG within its waters for transshipment to third countries. This includes ship-to-ship and ship-to-shore transfers, with a wind-down period until March 26, 2025, for existing contracts. This prohibition does not affect the import of Russian LNG into the EU but only the re-export to third countries via the EU.
- Port Access Ban: Vessels involved in transporting goods and technology used by the Russian defense sector, engaging in high-risk shipping practices, or supporting the Russian energy sector may be listed and subject to a port access ban. Designated vessels will also face a ban on the provision of services, including insurance, chartering, and management.
- Exemptions: Exemptions are provided for vessels needing assistance, seeking a place of refuge, making emergency port calls for maritime safety, saving lives at sea, or responding to natural disasters.
We recommend that members continue to conduct thorough due diligence on all parties, cargoes, and vessels involved in trades with high sanctions risk. Additionally, we advise ensuring compliance with EU sanctions by regularly checking the sanctions lists and maintaining detailed records of due diligence efforts.
Members are welcome to contact the NNPC claims team via claims@nnpc.nl for any questions regarding EU sanctions or related matters.
