22 March 2022
Freight News

Shipping Walks Tricky Russian Sanctions Tightrope

There are 1,505 Russian-affiliated vessels that face some form of restrictions as the global maritime industry comes to terms with the difficulties of not doing business with the world’s largest country.

In response to the Russian invasion into Ukraine, heavy economic sanctions have been imposed. Among the most prominent organizations affected are Sverbank and VTB, two of the largest Russian financial institutions, state-owned Sovcomflot, Russia’s largest maritime and freight shipping company, and the Russian Maritime Register of Shipping. Adding to these complexities are bans by some countries on imports of Russian oil, gas and energy. The sanctions affect not only the vessels, companies and individuals listed but also every other entity that is connected through complex ownership links and potentially the cargo itself.

Israeli maritime predictive intelligence firm Windward has debuted a Russia sanctions solution on its platform to help shipping players and regulators minimize risk exposure.

Read more in an article from Splash.

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