Please refer to our previous circulars for further information regarding sanctions against Russia in response to the escalating conflict in Ukraine, available on NNPC’s website.
Recently a vessel carrying cargo from Saint Petersburg to the US was detained by German authorities in the port of Rostock, on account of alleged violations of EU sanctions. While en-route from St Petersburg, the vessel deviated to perform repairs. Although repairs have now been completed, Upon arrival she was detained by the German authorities for an alleged breach of EU sanctions protocols.
While the vessel owners have appealed the decision to detain the vessel, this incident highlights the importance of vessel owners exercising due diligence when it comes to cargo carried on their vessels and to ensure compliance with the EU sanctions. It is important to verify that cargo is not listed as prohibited cargo and the parties involved in the shipment of the cargo do not appear on a sanctions list.
We refer our Members to the latest and13th set of sanctions issued by EU Commission on February 23, 2024 which has implemented a new set of rules further restricting Russia’s access to military technologies, particularly in the realm of drones, while also targeting additional entities and individuals in relation to conflict in Ukraine.
The most important aspects of the EU’s 13th sanctions package include:
- Additional Listings: A total of 194 designations, encompassing 106 individuals and 88 entities, have been added to the sanctions list. Notably, the package targets Russia’s military-industrial complex, including companies involved in the production of missiles, drones, military vehicles and other weaponry. For the complete list of sanctioned individuals and entities, please click here.
- Trade Measures: The package introduces measures to impede Russia’s acquisition of Western technologies crucial for its military operations, particularly in drone warfare. Export restrictions have been imposed on 27 Russian and third-country companies associated with Russia’s military-industrial complex. This widens the list of crucial technologies for Russia’s military, including components used in drone development, such as electric transformers, static converters, inductors and aluminum capacitors.
As the sanctions list grows longer with each new package, we recommend our Members conduct regular sanctions checks on their business partners and counterparties to mitigate risks effectively.
For more detailed information on the latest sanctions package, please visit the European Commission’s official website here.
Our Members are welcome to contact the NNPC claims team via claims@nnpc.nl should they have any questions regarding EU sanctions or related matters.
